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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________________________

FORM 10-K

___________________________________________________

(Mark One)

x			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended June 30, 2026

Or

o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to

Commission File Number: 001-37399

___________________________________________________

KEARNY FINANCIAL CORP.

(Exact name of Registrant as specified in its Charter)

___________________________________________________

Maryland			30-0870244
(State or Other Jurisdiction of Incorporation or Organization)			(I.R.S. Employer Identification No.)
120 Passaic Avenue, Fairfield, New Jersey			07004
(Address of Principal Executive Offices)			(Zip Code)

Registrant’s telephone number, including area code: (973) 244-4500

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

KRNY

The NASDAQ Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act: None

___________________________________________________

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. o Yes x No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. o Yes x No

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes o No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). x Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer			o			Accelerated filer			x
Non-accelerated filer			o			Smaller reporting company			o
						Emerging growth company			o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. x

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). o Yes x No

The aggregate market value of the voting and non-voting common equity held by non‑affiliates of the Registrant on December 31, 2025 (the last business day of the Registrant’s most recently completed second fiscal quarter) was $449.0 million. Solely for purposes of this calculation, shares held by directors, executive officers and greater than 10% stockholders are treated as shares held by affiliates.

As of August 19, 2026 there were outstanding 64,929,382 shares of the Registrant’s Common Stock.

DOCUMENTS INCORPORATED BY REFERENCE

1.Portions of the definitive Proxy Statement for the Registrant’s 2026 Annual Meeting of Stockholders. (Part III)

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KEARNY FINANCIAL CORP.

ANNUAL REPORT ON FORM 10-K

For the Fiscal Year Ended June 30, 2026

INDEX

			PART I
						Page
Item 1.			Business			2
Item 1A.			Risk Factors			30
Item 1B.			Unresolved Staff Comments			37
Item 1C.			Cybersecurity			38
Item 2.			Properties			39
Item 3.			Legal Proceedings			39
Item 4.			Mine Safety Disclosures			39
			PART II
Item 5.			Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities			40
Item 6.			[Reserved]			41
Item 7.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			42
Item 7A.			Quantitative and Qualitative Disclosures About Market Risk			53
Item 8.			Financial Statements and Supplementary Data			55
Item 9.			Changes in and Disagreements with Accountants on Accounting and Financial Disclosure			55
Item 9A.			Controls and Procedures			55
Item 9B.			Other Information			55
Item 9C.			Disclosure Regarding Foreign Jurisdictions that Prevent Inspections			55
			PART III
Item 10.			Directors, Executive Officers and Corporate Governance			56
Item 11.			Executive Compensation			56
Item 12.			Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters			56
Item 13.			Certain Relationships and Related Transactions, and Director Independence			56
Item 14.			Principal Accounting Fees and Services			56
			PART IV
Item 15.			Exhibits, Financial Statement Schedules			57
Item 16.			Form 10-K Summary			59
SIGNATURES

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PART I

Item 1. Business

Forward-Looking Statements

This Annual Report on Form 10-K contains forward-looking statements, which can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect” and words of similar meaning. These forward-looking statements include, but are not limited to:

•statements of our goals, intentions and expectations;

•statements regarding our business plans, prospects, growth and operating strategies;

•statements regarding the quality of our loan and investment portfolios; and

•estimates of our risks and future costs and benefits.

These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of the Annual Report on Form 10-K.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:

•general economic conditions, either nationally or in our market areas, that are worse than expected;

•the imposition of tariffs or other domestic or international governmental policies and retaliatory responses;

•changes in the amount and trend of loan delinquencies and write-offs and changes in estimates and the methodologies for calculating the allowance for credit losses;

•our ability to access cost-effective funding;

•fluctuations in real estate values and both residential and commercial real estate market conditions;

•demand for loans and deposits in our market area;

•our ability to implement changes in our business strategies;

•competition among depository and other financial institutions;

•inflation and/or changes in the interest rate environment that reduce our margins and yields, or reduce the fair value of financial instruments or reduce the origination levels in our lending business, or increase the level of defaults, losses and prepayments on loans we have made and make whether held in portfolio or sold in the secondary markets;

•adverse changes in the securities markets;

•changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements;

•changes in monetary or fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board;

•our ability to manage market risk, credit risk and operational risk in the current economic conditions;

•significant increases in our loan losses;

•our ability to enter new markets successfully and capitalize on growth opportunities;

•our ability to successfully integrate any assets, liabilities, clients, systems and management personnel we have acquired or may acquire into our operations and our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto;

•changes in consumer demand, borrowing and savings habits;

•changes in accounting policies and practices, as may be adopted by bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board;

•our ability to retain key employees;

•technological changes;

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•cyber-attacks, computer viruses and other technological risks that may breach the security of our websites or other systems to obtain unauthorized access to confidential information and destroy data or disable our systems;

•technological changes that may be more difficult or expensive than expected;

•the ability of third-party providers to perform their obligations to us;

•the ability of the U.S. Government to manage federal debt limits;

•changes in the financial condition, results of operations or future prospects of issuers of securities that we own; and

•other economic, competitive, governmental, regulatory and operational factors affecting our operations, pricing products and services described elsewhere in this Annual Report on Form 10-K.

Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements.

General

Kearny Financial Corp. (the “Company,” or “Kearny Financial”), is a Maryland corporation that is the holding company for Kearny Bank (the “Bank” or “Kearny Bank”), a nonmember New Jersey-chartered savings bank.

The Company is a unitary savings and loan holding company, regulated by the Board of Governors of the Federal Reserve System and conducts no significant business or operations of its own. The Bank’s deposits are federally insured by the Deposit Insurance Fund as administered by the Federal Deposit Insurance Corporation (“FDIC”) and the Bank is primarily regulated by the New Jersey Department of Banking and Insurance (“NJDBI”) and, as a nonmember bank, the FDIC. References in this Annual Report on Form 10‑K to the Company or Kearny Financial generally refer to the Company and the Bank, unless the context indicates otherwise. References to “we,” “us,” or “our” refer to the Bank or the Company, or both, as the context indicates.

The Company’s primary business is the ownership and operation of the Bank. The Bank is principally engaged in the business of attracting deposits from the general public and using these deposits, together with other funds, to originate or purchase loans for its portfolio and for sale into the secondary market. Our loan portfolio is primarily comprised of loans collateralized by commercial and residential real estate augmented by secured and unsecured loans to businesses and consumers. We also maintain a portfolio of investment securities, primarily comprised of U.S. agency mortgage-backed securities, obligations of state and political subdivisions, corporate bonds, asset-backed securities and collateralized loan obligations.

We operate from our administrative headquarters in Fairfield, New Jersey and other administrative locations throughout the State of New Jersey. As of June 30, 2026, we had 40 branch offices. The Company maintains a website at www.kearnybank.com. We make available through that website, free of charge, copies of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, amendments to those reports and proxy materials as soon as is reasonably practicable after the Company electronically files those materials with, or furnishes them to, the Securities and Exchange Commission. You may access these materials by following the links under “Investor Relations” under the “Financials” tab at the Company’s website. Information on the Company’s website is not and should not be considered a part of this Annual Report on Form 10-K.

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Business Strategy

Our objective is to enhance long-term shareholder value by growing a higher-performing commercial banking franchise supported by relationship-based deposits, disciplined balance sheet management, technology-enabled operating efficiencies and strong risk management practices. We seek to leverage our strong capital position, experienced management team, customer-focused culture and technology investments to drive sustainable earnings growth while continuing to meet the financial needs of our clients and communities. The key components of our business strategy are as follows:

•Expand Commercial Banking Relationships

We continue to focus on expanding our commercial banking franchise by growing relationships with small and middle-market businesses and professionals. We seek to increase commercial loan production across targeted asset classes, including commercial and industrial ("C&I") loans and owner-occupied commercial real estate loans, while deepening treasury management and deposit relationships with our business clients. We have continued to invest in treasury management, corporate banking and business development capabilities to better serve commercial clients and increase relationship-based deposits. Our relationship-based approach, local decision-making and experienced commercial banking team enable us to provide customized solutions that support our clients' evolving financial needs.

•Grow and Deepen Core Deposit Relationships

A core element of our strategy is to attract and retain stable, relationship-based deposits that support long-term growth and funding stability. We remain focused on growing commercial operating accounts and consumer transaction accounts while expanding existing customer relationships through personalized service and tailored product offerings. To support these efforts, we have invested in experienced corporate banking and specialty deposit teams focused on attracting new relationship-based deposits and expanding client relationships. By increasing core deposit relationships and reducing reliance on higher-cost funding sources, we seek to strengthen franchise value, improve funding flexibility and enhance our net interest margin over time.

•Leverage Technology, Automation and Digital Innovation

Technology continues to play a critical role in our growth strategy and operating model. We are committed to investing in digital banking, process automation, data analytics, artificial intelligence and other emerging technologies that enhance the client experience, improve employee productivity and support scalable growth. Our digital capabilities enable customers to interact with the Bank through multiple channels while maintaining the personalized service that remains central to our relationship banking model. We expect ongoing investments in technology to drive efficiencies across lending, deposits, operations, risk management and customer engagement.

•Continue to Strengthen Asset Mix and Earnings Profile

We seek to enhance long-term profitability through disciplined balance sheet management and strategic loan portfolio growth. Our lending strategy emphasizes higher-return commercial and consumer loan categories, including C&I loans, owner-occupied commercial real estate loans and home equity products. This approach is intended to improve earning asset yields, enhance risk-adjusted returns and better position the Bank across varying interest rate environments while maintaining strong underwriting standards and credit quality.

•Drive Operational Efficiency and Improve Profitability

We are committed to continuously enhancing operating efficiency and improving shareholder returns. Our initiatives include streamlining processes, increasing technology utilization, optimizing staffing levels and evaluating our branch network to ensure that resources are aligned with customer preferences and market opportunities. Through these efforts, we seek to improve productivity, support revenue growth, control expenses and create a more efficient and scalable operating model. Consistent with this strategy, we consolidated three branch locations during fiscal 2026 while continuing to maintain a strong presence within our markets.

•Maintain Strong Capital, Liquidity and Risk Management

We remain committed to maintaining strong capital, liquidity and risk management practices that support the safety and soundness of the Bank while providing flexibility to pursue growth opportunities. We maintain capital levels above applicable regulatory requirements and internal targets and preserve substantial on- and off-balance sheet liquidity sources. Our disciplined approach to risk management supports long-term financial strength and positions the Bank to serve customers and communities through changing economic and operating environments.

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Market Area. At June 30, 2026, our primary market area consisted of the counties in which we currently operate branches, including Bergen, Essex, Hudson, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset and Union counties in New Jersey and Kings (Brooklyn) and Richmond (Staten Island) counties in New York. Our lending is concentrated in New Jersey and New York and our predominant sources of deposits are the communities in which our offices are located as well as the neighboring communities.

Competition. We operate in a highly competitive market area with a large concentration of financial institutions and we face substantial competition in attracting deposits and in originating loans. A number of our competitors are significantly larger institutions with greater financial and technological resources and lending limits. Our ability to compete successfully is a significant factor affecting our growth potential and profitability. Our competition for deposits and loans comes from other insured depository institutions located in our primary market area as well as out-of-market depository institutions operating via online channels and from non-depository institutions including mortgage banks, finance companies, insurance companies, brokerage firms and financial technology companies.

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Lending Activities

General. Our loan portfolio is comprised of multi-family mortgage loans, nonresidential mortgage loans, commercial and industrial loans, construction loans, one- to four-family residential mortgage loans, home equity loans and other consumer loans. In recent years our lending strategies have placed increasing emphasis on the origination of commercial loans.

Loan Portfolio Composition. The following table sets forth the composition of our loan portfolio in dollar amounts and as a percentage of the total portfolio at the dates indicated.

			At June 30,
			2026												2025
			Amount						Percent						Amount						Percent
			(Dollars In Thousands)
Commercial loans:
Multi-family mortgage			$	2,499,894					42.52		%				$	2,709,654					46.60		%
Nonresidential mortgage			1,019,445						17.34						986,556						16.97
Commercial and industrial			223,927						3.81						138,755						2.39
Construction			263,200						4.48						177,713						3.06
One- to four-family residential mortgage			1,789,865						30.45						1,748,591						30.07
Consumer loans:
Home equity loans			79,844						1.36						50,737						0.87
Other consumer			2,387						0.04						2,533						0.04
Total loans			5,878,562						100.00		%				5,814,539						100.00		%
Less:
Allowance for credit losses			45,496												46,191
Unaccreted yield adjustments			3,237												1,602
Total adjustments			48,733												47,793
Total loans, net			$	5,829,829											$	5,766,746

The following table sets forth the composition of our real estate secured loans indicating the loan-to-value (“LTV”), by loan category, at June 30, 2026 and 2025:

			June 30, 2026												June 30, 2025
			Balance						LTV						Balance						LTV
			(Dollars in Thousands)
Commercial mortgage loans:
Multi-family mortgage			$	2,499,894					61		%				$	2,709,654					62		%
Nonresidential mortgage			1,019,445						52		%				986,556						52		%
Construction			263,200						57		%				177,713						56		%
Total commercial mortgage loans			3,782,539						58		%				3,873,923						59		%
One- to four-family residential mortgage			1,789,865						62		%				1,748,591						62		%
Consumer loans:
Home equity loans			79,844						47		%				50,737						51		%
Total mortgage loans			$	5,652,248					59		%				$	5,673,251					60		%

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Loan Maturity Schedule. The following table sets forth the maturities of our loan portfolio at June 30, 2026. Demand loans, loans having no stated maturity and overdrafts are shown as due in one year or less. Loans are stated in the following table at contractual maturity and actual maturities could differ due to prepayments.

			Amounts Due
			Within One Year						1 to 5 Years						5 to 15 Years						Over 15 Years						Total Due After One Year						Total
			(In Thousands)
Multi-family mortgage			$	422,473					$	935,298					$	1,067,785					$	74,338					$	2,077,421					$	2,499,894
Nonresidential mortgage			126,855						533,540						317,256						41,794						892,590						1,019,445
Commercial and industrial			63,698						35,145						122,198						2,886						160,229						223,927
Construction			153,208						107,266						2,726						—						109,992						263,200
One- to four-family residential mortgage			5,674						27,574						176,153						1,580,464						1,784,191						1,789,865
Home equity loans			651						3,999						54,419						20,775						79,193						79,844
Other consumer			875						96						99						1,317						1,512						2,387
Total loans			$	773,434					$	1,642,918					$	1,740,636					$	1,721,574					$	5,105,128					$	5,878,562

The following table shows the loans as of June 30, 2026 due after June 30, 2027 according to rate type and loan category:

			Fixed Rates						Floating or Adjustable Rates						Total
			(In Thousands)
Multi-family mortgage			$	1,644,900					$	432,521					$	2,077,421
Nonresidential mortgage			665,474						227,116						892,590
Commercial and industrial			135,823						24,406						160,229
Construction			480						109,512						109,992
One- to four-family residential mortgage			1,683,361						100,830						1,784,191
Home equity loans			22,367						56,826						79,193
Other consumer			281						1,231						1,512
Total loans			$	4,152,686					$	952,442					$	5,105,128

Multi-Family and Nonresidential Real Estate Mortgage Loans. At June 30, 2026, multi-family mortgage loans totaled $2.50 billion, or 42.5% of our loan portfolio, while nonresidential mortgage loans totaled $1.0 billion, or 17.3% of our loan portfolio. We originate a variety of types of commercial mortgage loans, including multi-family and nonresidential property loans, as well as loans on mixed-use properties which combine residential and commercial space. We generally offer fixed-rate and adjustable-rate balloon mortgage loans on multi-family and nonresidential properties with final stated maturities ranging from three to 15 years with amortization terms which generally range from 15 to 30 years. Our commercial mortgage loans are primarily secured by properties located in New Jersey, New York and the surrounding states.

Commercial and Industrial Business (C&I) Loans. At June 30, 2026, commercial and industrial business loans totaled $223.9 million, or 3.8% of our loan portfolio. We originate commercial term loans and lines of credit to a variety of clients in our market area. Our commercial term loans generally have terms of up to 10 years. Our commercial lines of credit have terms of up to two years and are generally floating-rate loans. To a lesser extent, we supplement our portfolio through the purchase of C&I loans from third parties.

Construction Lending. At June 30, 2026, construction loans totaled $263.2 million, or 4.5% of our loan portfolio. Our construction lending includes loans to individuals, builders or developers for the construction of multi-family residential buildings or commercial real estate or for the construction or renovation of one- to four-family residences. Construction borrowers must hold title to the land free and clear of any liens. Financing for construction loans is limited to 80% of the anticipated appraised value of the completed property. Disbursements are made in accordance with inspection reports by our approved inspection firms. Terms of financing are generally limited to one year with an interest rate tied to the prime rate and may include a premium of one or more points. In some cases, we convert a construction loan to a permanent mortgage loan upon completion of construction. We have no formal limits as to the number of projects a builder has under construction or development and make a case-by-case determination on loans to builders and developers who have multiple projects under development.

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One- to Four-Family Residential Mortgage Loans Held in Portfolio. At June 30, 2026, one- to four-family residential mortgage loans totaled $1.79 billion, or 30.4% of our loan portfolio. At June 30, 2026, $1.61 billion, or 90.1%, of our one- to four-family residential mortgage loans were secured by properties located within New Jersey and New York with the remaining $177.4 million, or 9.9%, secured by properties in other states. The fixed-rate residential mortgage loans that we originate for portfolio generally meet the secondary mortgage market standards of the Federal Home Loan Mortgage Corporation (“Freddie Mac”). In addition, we offer a first-time homebuyer program which provides financial incentives for persons who have not previously owned real estate and are purchasing a one- to four-family property in our primary lending area for use as a primary residence.

One- to Four-Family Residential Mortgage Loans Held for Sale. As a complement to our residential one- to four-family portfolio lending activities, we operate a mortgage banking platform which supports the origination of one- to four-family mortgage loans for sale into the secondary market. The loans we originate for sale generally meet the secondary mortgage market standards of Freddie Mac. Such loans are generally originated by, and sourced from, the same resources and markets as those loans originated and held in our portfolio. Our mortgage banking business strategy resulted in the recognition of $932,000 in gains associated with the sale of $128.2 million of mortgage loans held for sale during the year ended June 30, 2026. As of that date, an additional $6.0 million of loans were held and committed for sale into the secondary market.

Home Equity Loans. At June 30, 2026, our fixed-rate home equity loans and adjustable home equity lines of credit totaled $79.8 million, or 1.4% of our loan portfolio. These loans and lines of credit generally have terms of up to 20 years.

Other Consumer Loans. At June 30, 2026, other consumer loans totaled $2.4 million, or 0.04% of our loan portfolio. Our consumer loan portfolio includes unsecured overdraft lines of credit and personal loans as well as loans secured by savings accounts and certificates of deposit on deposit with the Bank.

Loans to One Borrower. New Jersey law generally limits the amount that a savings bank may lend to a single borrower and related entities to 15% of the institution’s capital funds. Accordingly, as of June 30, 2026, our legal loans to one borrower limit was approximately $107.4 million.

At June 30, 2026, our largest single borrower had an aggregate outstanding loan exposure of approximately $79.5 million comprising six multi-family mortgage loans. At June 30, 2026, this lending relationship was current and performing in accordance with the terms of their loan agreements.

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Loan Originations, Purchases, Sales and Repayments. The following table shows the principal balances of portfolio loans originated, purchased, acquired and repaid during the periods indicated:

			For the Years Ended June 30,
			2026						2025						2024
			(In Thousands)
Loan originations: (1)
Commercial loans:
Multi-family mortgage			$	38,503					$	132,104					$	23,742
Nonresidential mortgage			127,690						128,153						79,938
Commercial and industrial			118,487						118,135						98,469
Construction			155,058						98,917						85,608
One- to four-family residential mortgage			153,996						144,328						131,529
Consumer loans:
Home equity loans			43,525						29,735						18,011
Other consumer			1,450						1,392						4,007
Total loan originations			638,709						652,764						441,304
Loan purchases:
Commercial loans:
Nonresidential mortgage			14,026						—						—
Commercial and industrial			93,827						—						—
One- to four-family residential mortgage			65,647						730						60,341
Total loan purchases			173,500						730						60,341
Loan repayments			(748,185)						(587,795)						(593,756)
(Decrease) increase due to other items			(941)						13,199						(728)
Net increase (decrease) in loan portfolio			$	63,083					$	78,898					$	(92,839)

________________________________________

(1)Excludes origination and sales of one- to four-family mortgage loans held for sale.

Additional information about our loans is presented in Note 4 to the audited consolidated financial statements.

Loan Approval Procedures and Authority. Senior management recommends, and the Board of Directors approves, our lending policies and loan approval limits. The Bank’s Loan Committee consists of the Chief Executive Officer, Chief Lending Officer, Chief Credit Officer, Chief Risk Officer and other members of senior management. Loans which exceed certain thresholds, as defined within our policies, are submitted to the Bank’s Loan Committee and/or Board of Directors for approval.

Asset Quality

Collection Procedures on Delinquent Loans. We regularly monitor the payment status of all loans within our portfolio and promptly initiate collection efforts on past due loans in accordance with applicable policies and procedures. Delinquent borrowers are notified when a loan is 30 days past due. If the delinquency continues, subsequent efforts are made to contact the delinquent borrower and additional collection notices are sent. All reasonable attempts are made to collect from borrowers prior to referral to an attorney for collection. However, when a residential loan is 120 days delinquent and a commercial loan is 90 days delinquent, it is our general practice to refer it to an attorney for repossession, foreclosure or other form of collection action, as appropriate. In certain instances, we may modify the loan or grant a limited moratorium on loan payments to enable the borrower to reorganize their financial affairs as we attempt to work with the borrower to establish a repayment schedule to cure the delinquency.

As to mortgage loans, if a foreclosure action is taken and the loan is not reinstated, paid in full or refinanced, the property is sold at judicial sale at which we may be the buyer if there are no adequate offers to satisfy the debt. Any property acquired as the result of foreclosure or by deed in lieu of foreclosure is classified as other real estate owned until it is sold or otherwise disposed of. When other real estate owned is acquired, it is recorded at its fair market value less estimated selling costs. The initial write-down of the property, if necessary, is charged to the allowance for credit losses. Adjustments to the carrying value of the properties that result from subsequent declines in value are charged to operations in the period in which the declines are identified.

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Past Due Loans. A loan’s past due status is generally determined based upon its principal and interest (“P&I”) payment delinquency status in conjunction with its past maturity status, where applicable. A loan’s P&I payment delinquency status is based upon the number of calendar days between the date of the earliest P&I payment due and the as of measurement date. A loan’s past maturity status, where applicable, is based upon the number of calendar days between a loan’s contractual maturity date and the as of measurement date. Based upon the larger of these criteria, loans are categorized into the following past due tiers for financial statement reporting and disclosure purposes: Current (including 1-29 days past due), 30-59 days past due, 60-89 days past due and 90 or more days past due.

Additional information about our past due loans is presented in Note 4 to the audited consolidated financial statements.

Nonaccrual Loans. Loans are generally placed on nonaccrual status when contractual payments become 90 or more days past due or when we do not expect to receive all P&I payments owed substantially in accordance with the terms of the loan agreement, regardless of past due status. Loans that become 90 days past due but are well secured and in the process of collection, may remain on accrual status. Nonaccrual loans are generally returned to accrual status when all payments due are brought current and we expect to receive all remaining P&I payments owed substantially in accordance with the terms of the loan agreement. Payments received in cash on nonaccrual loans, including both the principal and interest portions of those payments, are generally applied to reduce the carrying value of the loan.

Purchased Credit Deteriorated Loans (“PCD”). PCD loans are acquired loans that, as of the acquisition date, have experienced a more-than-insignificant deterioration in credit quality since origination. Non-PCD loans are acquired loans that have experienced no or insignificant deterioration in credit quality since origination. To distinguish between the two types of acquired loans, we evaluate risk characteristics that have been determined to be indicators of deteriorated credit quality. The determining criteria may involve loan specific characteristics such as payment status, debt service coverage or other changes in creditworthiness since the loan was originated, while others are relevant to recent economic conditions, such as borrowers in industries impacted by the pandemic. Additional information about our PCD loans is presented in Note 4 to the audited consolidated financial statements.

Nonperforming Assets. The following table provides information regarding our nonperforming assets which are comprised of nonaccrual loans, accruing loans 90 days or more past due, nonaccrual loans held-for-sale and other real estate owned:

			At June 30,
			2026						2025
			(Dollars In Thousands)
Nonaccrual loans			$	47,896					$	45,597
Total nonperforming loans			47,896						45,597
Other real estate owned			5,519						—
Total nonperforming assets			$	53,415					$	45,597
Total nonaccrual loans to total loans			0.82		%				0.78		%
Total nonperforming loans to total loans			0.82		%				0.78		%
Total nonperforming loans to total assets			0.62		%				0.59		%
Total nonperforming assets to total assets			0.70		%				0.59		%

Total nonperforming assets increased by $7.8 million to $53.4 million at June 30, 2026 from $45.6 million at June 30, 2025. For those same comparative periods, the number of nonperforming loans increased to 52 loans from 48 loans. There were two properties in other real estate owned (“OREO”) at June 30, 2026 and no properties in OREO at June 30, 2025.

Loan Review System. We maintain a loan review system consisting of several related functions including, but not limited to, classification of assets, calculation of the allowance for credit losses, independent credit file review as well as internal audit and lending compliance reviews. We utilize both internal and external resources, where appropriate, to perform the various loan review functions, all of which operate in accordance with a scope and frequency determined by senior management and the Audit and Compliance Committee of the Board of Directors.

As one component of our loan review system we engage a third-party firm which specializes in loan review and analysis functions. As part of their review process, our third-party review firm compares their review results with their client base to evaluate our risk assessment among our peers. This firm assists senior management and the Board of Directors in identifying potential credit weaknesses; in reviewing and confirming risk ratings or adverse classifications internally ascribed to loans by

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management; in identifying relevant trends that affect the collectability of the portfolio and identifying segments of the portfolio that are potential problem areas; in verifying the appropriateness of the allowance for credit losses; in evaluating the activities of lending personnel including compliance with lending policies and the quality of their loan approval, monitoring and risk assessment; and by providing an objective assessment of the overall quality of the loan portfolio. Currently, third-party loan reviews are being conducted quarterly and include non-performing loans as well as samples of performing loans of varying types within our portfolio.

In addition, our loan review system includes functions performed by internal audit and compliance personnel. Internal audit resources perform credit review functions utilizing guidance from regulatory and Institute of Internal Auditors standards in addition to assessing the adequacy of, and adherence to, internal credit policies and loan administration procedures and adherence to regulatory guidance. Our compliance resources monitor adherence to relevant lending-related and consumer protection-related laws and regulations.

Classification of Assets. In compliance with the regulatory guidelines, our loan review system includes an evaluation process through which certain loans exhibiting adverse credit quality characteristics are classified as Substandard, Doubtful or Loss. An asset is classified as Substandard if it is inadequately protected by the paying capacity and net worth of the obligor or the collateral pledged, if any. Substandard assets include those characterized by the distinct possibility that the insured institution will sustain some loss if the deficiencies are not corrected. Assets classified as Doubtful have all of the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values. Assets, or portions thereof, classified as Loss are considered uncollectible or of so little value that their continuance as assets is not warranted. Assets which do not currently expose us to a sufficient degree of risk to warrant an adverse classification but have some credit deficiencies or other potential weaknesses are designated as Special Mention by management. “Substandard” and “doubtful” loans are generally referred to as Classified Assets, which possess greater risk characteristics than “special mention” loans. Non-classified assets are internally rated within one of four Pass categories or as Watch with the latter denoting a potential deficiency or concern that warrants increased oversight or tracking by management until remediated.

Additional information about our classification of assets is presented in Note 4 to the audited consolidated financial statements.

The following table discloses our designation of certain loans as special mention or adversely classified during each of the two years presented:

			At June 30,
			2026						2025
			(In Thousands)
Substandard			$	88,120					$	118,346
Doubtful			82						72
Total classified loans			88,202						118,418
Special mention			4,516						15,033
Total classified and special mention loans			$	92,718					$	133,451

Individually Evaluated Loans. On a case-by-case basis, we may conclude that a loan should be evaluated on an individual basis based on its disparate risk characteristics. When we determine that a loan no longer shares similar risk characteristics with other loans in the portfolio, the allowance will be determined on an individual basis using the present value of expected cash flows or, for collateral-dependent loans, the fair value of the collateral as of the reporting date, less estimated selling costs, as applicable. If the fair value of the collateral is less than the amortized cost basis of the loan, we will establish an allowance for the difference between the fair value of the collateral, less costs to sell, at the reporting date and the amortized cost basis of the loan.

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Allowance for Credit Losses - Loans

A description of our methodology in establishing our allowance for credit losses is set forth in the section “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies - Allowance for Credit Losses.”

Additional information about our allowance for credit losses is also presented in Note 5 to the audited consolidated financial statements.

Our allowance for credit losses is maintained at a level necessary to cover lifetime expected credit losses in financial assets at the balance sheet date. The following table presents allowance for credit losses ratios, along with the components of their calculation, for the periods indicated:

			At June 30,
			2026						2025
			(Dollars in Thousands)
Allowance for credit losses - loans			$	45,496					$	46,191
Total loans outstanding			$	5,878,562					$	5,814,539
Total non-performing loans			$	47,896					$	45,597
Allowance for credit losses as a percent of total loans outstanding			0.77		%				0.79		%
Allowance for credit losses to non-performing loans			94.99		%				101.30		%

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The following table presents the ratio of net charge-offs (recoveries) to average loans outstanding by loan category, along with the components of the calculation, for the periods indicated:

			For the Years Ended June 30,
			2026																		2025																		2024
			Net charge-offs (recoveries)						Average loans outstanding						Net charge- offs as a percent of average loans outstanding						Net charge-offs (recoveries)						Average loans outstanding						Net charge- offs as a percent of average loans outstanding						Net charge-offs (recoveries)						Average loans outstanding						Net charge- offs as a percent of average loans outstanding
			(Dollars in Thousands)
Multi-family mortgage			$	1,208					$	2,612,952					0.05		%				$	—					$	2,686,965					—		%				$	398					$	2,675,429					0.01		%
Nonresidential mortgage			5						999,160						—		%				830						956,556						0.09		%				5,855						953,125						0.61		%
Commercial and industrial			1,141						179,422						0.64		%				275						146,218						0.19		%				3,844						163,560						2.35		%
Construction			—						195,804						—		%				—						191,146						—		%				—						208,111						—		%
One- to four-family residential mortgage			28						1,742,853						—		%				—						1,748,806						—		%				(76)						1,704,957						—		%
Home equity loans			11						74,223						0.01		%				2						63,507						—		%				—						63,367						—		%
Other consumer			—						2,497						—		%				7						2,750						0.25		%				—						2,800						—		%
Unaccreted yield adjustments			—						(729)						—		%				—						(6,365)						—		%				—						(18,853)						—		%
Total			$	2,393					$	5,806,182					0.04		%				$	1,114					$	5,789,583					0.02		%				$	10,021					$	5,752,496					0.17		%

Our loan portfolio experienced an annualized net charge-off rate of 0.04% for the year ended June 30, 2026, an increase of two basis points from the 0.02% rate for the year ended June 30, 2025.

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Allocation of Allowance for Credit Losses on Loans. The following table sets forth the allowance for credit losses (“ACL”) allocated by loan category and the percent of loans in each category to total loans receivable at the dates indicated. The ACL allocated to each category is the estimated amount considered necessary to cover lifetime expected credit losses inherent in any particular category as of the balance sheet date and does not restrict the use of the allowance to absorb losses in other categories.

			At June 30,
			2026												2025
			Amount						Percent of Loans to Total Loans						Amount						Percent of Loans to Total Loans
			(Dollars In Thousands)
Multi-family mortgage			$	22,561					42.52		%				$	24,906					46.60		%
Nonresidential mortgage			7,830						17.34						6,938						16.97
Commercial and industrial			2,891						3.81						2,428						2.39
Construction			1,850						4.48						1,155						3.06
One- to four-family residential mortgage			9,584						30.45						10,180						30.07
Home equity loans			675						1.36						490						0.87
Other consumer			105						0.04						94						0.04
Total			$	45,496					100.00		%				$	46,191					100.00		%

At June 30, 2026, the ACL totaled $45.5 million, or 0.77% of total loans, reflecting a decrease of $695,000 from $46.2 million, or 0.79% of total loans, at June 30, 2025. The decrease was largely attributable to net charge-offs of $2.4 million, partially offset by a provision for credit losses of $1.7 million.

The ACL at June 30, 2026 was maintained at a level that was management’s best estimate of lifetime expected credit losses inherent in loans at the balance sheet date. The ACL is subject to estimates and assumptions that are susceptible to significant revisions as more information becomes available and as events or conditions effecting individual borrowers and the marketplace as a whole change over time. Additions to the ACL may be necessary if the future economic environment deteriorates from forecasted conditions. In addition, the banking regulators, as an integral part of their examination process, periodically review our loan and foreclosed real estate portfolios, related ACL and valuation allowance for foreclosed real estate. The regulators may require the ACL to be increased based on their review of information available at the time of the examination, which may negatively affect our earnings.

Additional information about the ACL at June 30, 2026 and 2025 is presented in Note 5 to the audited consolidated financial statements.

Investment Securities

At June 30, 2026, our investment securities portfolio totaled $1.07 billion and comprised 13.9% of our total assets. By comparison, at June 30, 2025, our securities portfolio totaled $1.13 billion and comprised 14.6% of our total assets. Additional information about our investment securities at June 30, 2026 is presented in Note 3 to the audited consolidated financial statements.

The year-over-year net decrease in the securities portfolio totaled $62.0 million which largely reflected repayments and sales that were partially offset by purchases. The decrease in the portfolio included a $15.6 million increase in the fair value of the available for sale securities portfolio to an unrealized loss of $96.5 million at June 30, 2026 from an unrealized loss of $112.1 million at June 30, 2025.

Our investment policy, which is approved by the Board of Directors, is designed to foster earnings and manage cash flows within prudent interest rate risk and credit risk guidelines, taking into consideration our liquidity needs, asset/liability management goals, and performance objectives. Our Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, Chief Risk Officer and Treasurer/Chief Investment Officer are the senior management members of our Capital Markets Committee that are designated by the Board of Directors as the officers primarily responsible for securities portfolio management and all transactions require the approval of at least two of these designated officers.

The investments authorized for purchase under the investment policy approved by our Board of Directors include U.S. government and agency mortgage-backed securities, U.S. government agency debentures, municipal obligations, corporate bonds, asset-backed securities, collateralized loan obligations and subordinated debt.

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The carrying value of our mortgage-backed securities totaled $642.8 million at June 30, 2026 and comprised 60.0% of total investments and 8.4% of total assets as of that date. We generally invest in mortgage-backed securities issued by U.S. government agencies or government-sponsored entities. Mortgage-backed securities issued or sponsored by U.S. government agencies and government-sponsored entities are guaranteed as to the payment of principal and interest to investors.

The carrying value of our securities representing obligations of state and political subdivisions totaled $4.5 million at June 30, 2026 and comprised 0.4% of total investments and less than 1.0% of total assets as of that date. Such securities primarily included highly-rated, fixed-rate bank-qualified securities representing general obligations of municipalities located within the U.S. or the obligations of their related entities such as boards of education or school districts. Each of our municipal obligations were consistently rated by Moody’s and S&P well above the thresholds that generally support our investment grade assessment with such ratings equaling A- or higher by S&P or A2 or higher by Moody’s, where rated by those agencies. In the absence of, or as a complement to, such ratings, we rely upon our own internal analysis of the issuer’s financial condition to validate its investment grade assessment.

The carrying value of our asset-backed securities totaled $38.1 million at June 30, 2026 and comprised 3.6% of total investments and 0.5% of total assets as of that date. This category of securities is comprised entirely of structured, floating-rate securities representing securitized federal education loans with 97% U.S. government guarantees. Our securities represent the highest credit-quality tranches within the overall structures with each being rated AA+ or higher by S&P or Aa1 or higher by Moody’s, where rated by those agencies.

The outstanding balance of our collateralized loan obligations totaled $233.7 million at June 30, 2026 and comprised 21.8% of total investments and 3.0% of total assets as of that date. This category of securities is comprised entirely of structured, floating-rate securities representing securitized commercial loans to large, U.S. corporations. At June 30, 2026, each of our collateralized loan obligations were consistently rated by Moody’s and/or S&P well above the thresholds that generally support our investment grade assessment with such ratings equaling AAA by S&P or Aaa by Moody’s, where rated by those agencies.

The carrying value of our corporate bonds totaled $152.2 million at June 30, 2026 and comprised 14.2% of total investments and 2.0% of total assets as of that date. This category of securities consists of fixed-to-floating rate subordinated debt issued by community banks, primarily located in the Mid-Atlantic region of the U.S. At June 30, 2026, the majority of our subordinated debt holdings were rated by either Moody’s, S&P, DBRS, KBRA or EJR (collectively “NRSROs”) at or above the thresholds that generally support our minimum investment grade assessment at BBB-/Baa3 or higher by these NRSROs.

Current accounting standards require that debt securities be categorized as held to maturity or available for sale, based on management’s intent as to the ultimate disposition of each security. These standards allow debt securities to be classified as held to maturity and reported in financial statements at amortized cost only if the reporting entity has the positive intent and ability to hold these securities to maturity. Securities that might be sold in response to changes in market interest rates, changes in the security’s prepayment risk, increases in loan demand, or other similar factors cannot be classified as held to maturity.

We do not currently use or maintain a trading account. Securities not classified as held to maturity are classified as available for sale. These securities are reported at fair value and unrealized gains and losses on the securities are excluded from earnings and reported, net of deferred taxes, as adjustments to accumulated other comprehensive income (loss), a separate component of equity. As of June 30, 2026, our available for sale securities portfolio had a carrying value of $964.4 million or 90.0% of our total securities with the remaining $106.8 million or 10.0% of securities were classified as held to maturity.

Other than securities issued or guaranteed by the U.S. government or its agencies, we did not hold securities of any one issuer having an aggregate book value in excess of 10% of our equity at June 30, 2026. All of our securities carry market risk insofar as increases in market interest rates have caused, and may continue to cause, a decrease in their market value. We believe that unrealized and unrecognized losses on securities held at June 30, 2026, are a function of changes in market interest rates and credit spreads, not changes in credit quality. Therefore, no allowance for credit losses was recorded at that time.

During the years ended June 30, 2026 and 2025, there were no sales of securities available for sale. During the year ended June 30, 2024, proceeds from sales of securities available for sale totaled $104.1 million and resulted in no gross gains and gross losses of $18.1 million. There were no sales of held to maturity securities during the years ended June 30, 2026, 2025 and 2024.

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The following table sets forth the carrying value of our securities portfolio at the dates indicated:

			At June 30,
			2026						2025
			(In Thousands)
Debt securities available for sale:
Obligations of state and political subdivisions			$	—					$	—
Asset-backed securities			38,062						59,498
Collateralized loan obligations			233,659						323,245
Corporate bonds			152,169						140,117
Total debt securities available for sale			423,890						522,860
Mortgage-backed securities available for sale:
Collateralized mortgage obligations			24,121						—
Residential pass-through securities			388,103						357,319
Commercial pass-through securities			128,255						132,790
Total mortgage-backed securities available for sale			540,479						490,109
Total securities available for sale			964,369						1,012,969
Debt securities held to maturity:
Obligations of state and political subdivisions			4,487						7,553
Total debt securities held to maturity			4,487						7,553
Mortgage-backed securities held to maturity:
Residential pass-through securities			90,178						100,482
Commercial pass-through securities			12,149						12,182
Total mortgage-backed securities held to maturity			102,327						112,664
Total securities held to maturity			106,814						120,217
Total securities			$	1,071,183					$	1,133,186

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The following table sets forth certain information regarding the carrying values, weighted average yields and maturities of our securities portfolio at June 30, 2026. This table shows contractual maturities and does not reflect re-pricing or the effect of prepayments. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without prepayment penalties. At June 30, 2026, securities with a carrying value of $50.5 million are callable within one year.

			At June 30, 2026
			One Year or Less												One to Five Years												Five to Ten Years												More Than Ten Years												Total Securities
			Carrying Value						Weighted Average Yield						Carrying Value						Weighted Average Yield						Carrying Value						Weighted Average Yield						Carrying Value						Weighted Average Yield						Carrying Value						Weighted Average Yield						Fair Market Value
			(Dollars In Thousands)
Debt securities:
Obligations of state and political subdivisions			$	2,800					2.38		%				$	1,687					2.46		%				$	—					—		%				$	—					—		%				$	4,487					2.41		%				$	4,466
Asset-backed securities			—						—						—						—						—						—						38,063						4.76						38,063						4.76						38,063
Collateralized loan obligations			—						—						274						5.11						96,030						5.79						137,354						5.23						233,658						5.46						233,658
Corporate bonds			—						—						21,499						6.86						124,687						5.84						5,983						6.25						152,169						6.00						152,169
Mortgage-backed securities:
Collateralized mortgage obligations (1)			—						—						—						—						—						—						24,121						5.43						24,121						5.43						24,121
Residential pass-through securities (1)			—						—						—						—						135						5.26						478,146						2.81						478,281						2.81						467,839
Commercial pass-through securities (1)			—						—						12,149						1.80						—						—						128,255						3.02						140,404						2.93						139,058
Total securities			$	2,800					2.38		%				$	35,609					4.94		%				$	220,852					5.82		%				$	811,922					3.39		%				$	1,071,183					3.89		%				$	1,059,374

________________________________________

(1)Government-sponsored enterprises.

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Sources of Funds

General. Retail deposits are our primary source of funds for lending and other investment purposes. In addition, we derive funds from principal repayments of loan and investment securities. Loan and securities payments are a relatively stable source of funds, while deposit inflows are significantly influenced by general interest rates and money market conditions. Wholesale funding sources including, but not limited to, borrowings from the Federal Home Loan Bank of New York (“FHLB”), wholesale deposits and other short-term borrowings are also used to supplement the funding for loans and investments.

Deposits. Our current deposit products include interest-bearing and non-interest-bearing checking accounts, money market deposit accounts, savings accounts and certificates of deposit accounts ranging in terms from 30 days to five years. Certificates of deposit with terms ranging from six months to five years are available for individual retirement account plans. Deposit account terms, such as interest rate earned, applicability of certain fees and service charges and funds accessibility, will vary based upon several factors including, but not limited to, minimum balance, term to maturity, and transaction frequency and form requirements.

Deposits are obtained primarily from within New Jersey and New York through the Bank’s network of retail branches, business relationship officers, and digital banking channels. We maintain a robust suite of commercial deposit products designed to appeal to small and mid-size businesses, non-profit organizations and government entities. Our team of experienced and dedicated business relationship officers serve as the primary points of contact for these commercial clients and act as both new business originators and relationship managers.

The determination of interest rates on retail deposits is based upon a number of factors, including: (1) our need for funds based on loan demand, current maturities of deposits and other cash flow needs; (2) a current survey of a selected group of competitors’ rates for similar products; (3) our current cost of funds, yield on assets and asset/liability position; and (4) the alternate cost of funds on a wholesale basis. Interest rates are reviewed by senior management on a regular basis, with deposit product and pricing updated, as appropriate, during recurring and ad-hoc senior management meetings.

Our liquidity could be reduced if a significant amount of certificates of deposit maturing within a short period were not renewed. At June 30, 2026 and 2025, certificates of deposit maturing within one year were $1.87 billion and $1.91 billion, respectively. Historically, a significant portion of the certificates of deposit remain with us after they mature.

At June 30, 2026, $1.50 billion or 77.5% of our certificates of deposit were certificates of $100,000 or more compared to $1.50 billion or 76.0% at June 30, 2025. Excluding brokered certificates of deposit, $747.0 million or 63.1% of our certificates of deposit were certificates of $100,000 or more at June 30, 2026. The general level of market interest rates and money market conditions significantly influence deposit inflows and outflows. The effects of these factors are particularly pronounced on deposit accounts with larger balances. In particular, certificates of deposit with balances of $100,000 or greater are traditionally viewed as being a more volatile source of funding than comparatively lower balance certificates of deposit or non-maturity transaction accounts. In order to retain certificates of deposit with balances of $100,000 or more, we may have to pay a premium rate, resulting in an increase in our cost of funds. To the extent that such deposits do not remain with us, they may need to be replaced with wholesale funding.

Our sources of wholesale funding included brokered certificates of deposit whose balances totaled approximately $757.2 million, or 13.3% of total deposits, at June 30, 2026. We utilize brokered certificates of deposit as an alternative to other forms of wholesale funding, including borrowings, when interest rates and market conditions favor the use of such deposits. For a portion of our short-term brokered certificates of deposit we utilized interest rate contracts to effectively extend their duration and to fix their cost.

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The following table sets forth the distribution of average deposits for the periods indicated and the weighted average nominal interest rates for each period on each category of deposits presented:

			For the Years Ended June 30,
			2026																		2025																		2024
			Average Balance						Percent of Total Deposits						Weighted Average Nominal Rate						Average Balance						Percent of Total Deposits						Weighted Average Nominal Rate						Average Balance						Percent of Total Deposits						Weighted Average Nominal Rate
			(Dollars In Thousands)
Non-interest-bearing deposits			$	649,262					11.44		%				—		%				$	597,197					10.75		%				—		%				$	595,266					11.14		%				—		%
Interest-bearing demand			2,334,641						41.14						2.49						2,335,972						42.04						2.86						2,308,893						43.19						2.91
Savings			758,820						13.37						1.35						721,115						12.98						1.25						662,981						12.40						0.50
Certificates of deposit			1,931,632						34.04						3.12						1,902,026						34.23						3.39						1,778,682						33.27						2.92
																																	.
Total average deposits			$	5,674,355					100.00		%				2.27		%				$	5,556,310					100.00		%				2.53		%				$	5,345,822					100.00		%				2.29		%

As of June 30, 2026 and 2025, the aggregate amount of certificates of deposit of $250,000 and over was $1.0 billion in each period, respectively. The following table presents the time remaining until maturity of those certificates of deposit as of June 30, 2026:

			At June 30,
			2026
			(In Thousands)
Maturity Period
Within three months			$	830,855
Three through six months			84,861
Six through twelve months			89,985
Over twelve months			15,840
Total certificates of deposit			$	1,021,541

The following table sets forth the amount and maturities of certificates of deposit at June 30, 2026:

			At June 30, 2026
			Within One Year						Over One Year to Two Years						Over Two Years to Three Years						Over Three Years to Four Years						Over Four Years to Five Years						Over Five Years						Total
			(In Thousands)
Interest Rate
0.00 - 0.99%			$	65,298					$	8,944					$	3,270					$	1,201					$	406					$	—					$	79,119
1.00 - 1.99%			56,439						1,903						—						—						—						—						58,342
2.00 - 2.99%			44,312						4,464						171						3,445						6,977						—						59,369
3.00 - 3.99%			1,695,880						26,091						102						2,885						6,580						—						1,731,538
4.00 - 4.99%			12,285						—						—						—						—						—						12,285
5.00 - 5.99%			—						—						—						23						—						—						23
Total certificates of deposit			$	1,874,214					$	41,402					$	3,543					$	7,554					$	13,963					$	—					$	1,940,676

Additional information about our deposits is presented in Note 9 to the audited consolidated financial statements.

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Borrowings. The sources of wholesale funding we utilize include borrowings in the form of advances from the FHLB as well as other forms of borrowings. We generally use wholesale funding to manage our exposure to interest rate risk and liquidity risk in conjunction with our overall asset/liability management process.

Advances from the FHLB are typically secured by our FHLB capital stock and certain investment securities as well as residential and commercial mortgage loans that we choose to utilize as collateral for such borrowings. Additional information about our FHLB advances is included under Note 10 to the audited consolidated financial statements.

At June 30, 2026, we had $950.0 million of FHLB advances outstanding at a weighted average interest rate of 3.85%. At June 30, 2025, we had $1.11 billion of FHLB advances outstanding, excluding a net fair value adjustment of $9,000, at a weighted average interest rate of 4.36%.

Our FHLB advances mature as follows:

			At June 30,
			2026						2025
			(In Thousands)
By remaining period to maturity:
Less than one year			$	750,000					$	906,500
One to two years			200,000						—
Two to three years			—						200,000
Three to four years			—						—
Four to five years			—						—
Greater than five years			—						—
Total advances			950,000						1,106,500
Fair value adjustments			—						(9)
Total advances, net of fair value adjustments			$	950,000					$	1,106,491

At June 30, 2026, we utilized interest rate contracts to effectively extend the duration and fix the cost of our FHLB advances maturing in less than one year.

Based upon the market value of investment securities and mortgage loans that are posted as collateral for FHLB advances at June 30, 2026, we are eligible to borrow up to an additional $351.6 million of advances from the FHLB as of that date. We are further authorized to post additional collateral in the form of other unencumbered investments securities and eligible mortgage loans that may expand our borrowing capacity with the FHLB up to 30% of our total assets. Additional borrowing capacity up to 50% of our total assets may be authorized with the approval of the FHLB’s Board of Directors or Executive Committee.

In addition, we had the capacity to borrow additional funds totaling $835.0 million via unsecured overnight borrowings from other financial institutions and $1.30 billion from the FRB without pledging additional collateral.

The balance of borrowings at June 30, 2026 included overnight line of credit borrowings from the FHLB totaling $200.0 million. There were no unsecured overnight borrowings from other financial institutions at June 30, 2026.

Interest Rate Derivatives and Hedging

We utilize derivative instruments in the form of interest rate swaps, caps and floors to hedge our exposure to interest rate risk in conjunction with our overall asset/liability management process. In accordance with accounting requirements, we formally designate all of our hedging relationships as either fair value hedges or cash flow hedges, and document the strategy for undertaking the hedge transactions and its method of assessing ongoing effectiveness.

At June 30, 2026, our derivative instruments were comprised of interest rate swaps, caps and a floor with a total notional amount of $2.88 billion. These instruments are intended to manage the interest rate exposure relating to certain wholesale funding positions and assets that were outstanding at June 30, 2026.

Additional information regarding our use of interest rate derivatives and our hedging activities is presented in Note 1 and Note 11 to the audited consolidated financial statements.

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Subsidiary Activity

At June 30, 2026, Kearny Bank was the only wholly-owned operating subsidiary of Kearny Financial Corp. As of that date, Kearny Bank had three wholly-owned subsidiaries, CJB Investment Company, 189-245 Berdan Avenue LLC and Kearny Wealth Management LLC. CJB Investment Company is a New Jersey Investment Company and remained active through the three-year period ended June 30, 2026. 189-245 Berdan Avenue LLC was formed during the year ended June 30, 2023 for the purpose of ownership and operation of commercial real estate. The Kearny Wealth Management LLC subsidiary was formed in February 2024 for the purpose of providing insurance brokerage services via a third-party service provider.

Human Capital Resources

At Kearny Financial Corp., our employees are fundamental to achieving our strategic objectives and delivering long-term value to clients, shareholders, and the communities we serve. We believe our success is driven by the quality, engagement, and dedication of our workforce and by fostering a culture rooted in integrity, accountability, collaboration, and service.

We are committed to attracting, developing, and retaining talented employees and fostering a workforce with the skills, experience, and perspectives needed to serve our clients, support our communities, and drive long-term success. Our human capital strategy is focused on supporting employee growth and well-being, promoting a positive and inclusive workplace culture, and providing competitive compensation and benefits that align employee interests with organizational success. As of June 30, 2026, we employed 549 employees (502 full-time employees and 47 part-time) across our banking and corporate operations of which 57.0% were female and 43.0% were male. Kearny Bank employees had an average tenure of 8.3 years.

Culture and Employee Engagement. Our culture is guided by our core values and emphasizes teamwork, professionalism, ethical conduct, accountability, and client service. We strive to maintain a workplace where employees feel respected, valued, and empowered to contribute their ideas and talents.

Led by the Bank's Director of Engagement, our employee engagement initiatives are designed to strengthen workplace connections, support employee development, reinforce our culture and promote organizational effectiveness. Senior management and Human Resources regularly assess employee feedback, workforce trends, and talent development initiatives to foster employee engagement, support professional growth, and enhance overall organizational performance. During fiscal 2026, we conducted our third annual Employee Engagement Survey, which continues to provide valuable insights to guide future programming and employee-focused initiatives across the Bank.

Talent Acquisition and Workforce Development. Our ability to attract and retain top talent is critical to our long-term success. We maintain a disciplined talent acquisition process designed to identify candidates who possess the skills, experience, and values necessary to support our strategic objectives and client-focused culture. We seek to broaden candidate pools by continuing to expand recruiting channels to attract high-quality talent throughout our operating footprint.

Investing in employee development is a key component of our human capital strategy. We strive to create opportunities for career advancement and, whenever practical, promote from within to capitalize on the strength, experience, and institutional knowledge of our workforce. Our human capital efforts emphasize fair employment practices, equal opportunities, and a workplace culture that recognizes and rewards merit, performance and professional achievement. We support employee growth through education, training, and development programs that help employees enhance their skills, advance their careers and contribute to the Company’s long-term success.

Training. We support professional development through leadership development programs, educational assistance, certification and licensing support, tuition reimbursement, career mentoring, employee resource groups, and access to more than 1,000 courses through the Kearny Bank Learning Center. Collectively, these resources help employees build the skills, knowledge, and experience, support career advancement opportunities, and contribute to the retention and development of a strong pipeline of future leaders across the organization.

During fiscal 2026, we expanded our learning curriculum by introducing the Foundations of Management Series, a four-course program designed to strengthen leadership capabilities and to equip our managers with the skills, tools, and confidence needed to lead effectively. We also launched three new courses focused on strengthening business acumen and providing employees with the knowledge and resources necessary to build and deepen client relationships and support clients to achieve business objectives.

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To support the Company's strategic focus on relationship growth, we continue to align employee training with the skills needed to become trusted advisors to our clients. Through a combination of webinars, instructor-led training, in-person workshops, and curated learning resources, employees gain the knowledge and tools necessary to strengthen client relationships and deliver exceptional client experience.

Total Rewards. We offer a comprehensive total rewards program designed to attract, motivate, and retain qualified employees. Our compensation philosophy aligns pay with performance and market competitiveness while supporting both individual and organizational achievement.

Employee compensation consists of a combination of base salary, incentive compensation opportunities , and, for eligible employees, equity-based awards. Our compensation programs are designed to attract, motivate and retain talented employees by aligning compensation with performance, organizational results and long-term success of the Company. We periodically review our compensation practices to support market competitiveness, internal consistency, and alignment with the Company's strategic objectives.

We provide eligible employees with a broad range of benefits, including medical, dental and vision coverage, Flexible Spending Accounts, disability protection, life insurance, employee assistance resources, paid time off programs, and retirement benefits. Eligible employees may participate in our 401(k) plan, which includes a company matching contribution, and our Company-funded Employee Stock Ownership Plan ("ESOP"), which enables employees to share in the long-term success of the organization.

Health and Wellness. Supporting the health and well-being of our employees remains an important component of our human capital strategy. We offer a variety of resources and benefits designed to support employees’ physical, emotional, and financial well-being. During fiscal 2026, we enhanced these efforts through weekly Wellness Wednesday programs, educational Lunch & Learn sessions, and hosted our annual health fair, which collectively promote healthy habits, well-being and employee engagement.

Community Involvement. We also encourage employees to participate in charitable and community service activities that strengthen the communities we serve and reinforce our longstanding commitment to corporate citizenship, including opportunities to volunteer during working hours.

Financial education remains a key priority for Kearny Bank and an important way we support individuals, families, businesses, and local organizations. Our team members lead seminars and outreach programs that offer practical guidance to help participants make informed financial decisions. Our efforts include financial literacy to both school age children and adults, fraud prevention seminars, first-time homebuyer education and support for women in business through our ChangeMakers initiative. By sharing practical knowledge and resources, Kearny Bank continues to strengthen financial confidence, promote economic empowerment, and deepen our community connections.

We are also committed to various outreach programs to help the underserved populations such as backpack collections, food drives, toy donations, and professional attire drives for women re-entering the workforce.

Performance Management and Leadership Development. We maintain a performance management framework that aligns employee performance with the organization’s strategic priorities, promotes accountability, and supports professional growth. Our review process emphasizes individual contributions, leadership, technical expertise, collaboration, integrity, and client service, while providing meaningful feedback and development opportunities. As part of our performance management program, we also invest in leadership development through coaching, targeted learning opportunities, and succession planning efforts designed to promote organizational continuity.

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Supervision and Regulation

Kearny Bank and Kearny Financial operate in a highly regulated industry. This system of regulation establishes a comprehensive framework of activities in which a savings and loan holding company and New Jersey savings bank may engage and is intended primarily for the protection of the deposit insurance fund and depositors. Set forth below is a brief description of certain laws and regulations governing the activities and operations of Kearny Bank and Kearny Financial. The description does not purport to be complete and is qualified in its entirety by reference to applicable laws and regulations.

Regulatory authorities have extensive discretion in connection with their supervisory and enforcement activities and examination policies, including the imposition of restrictions on the operation of an institution and its holding company, the classification of assets by the institution and the adequacy of an institution’s allowance for credit losses. Any change in such regulation and oversight, whether in the form of regulatory policy, regulations, or legislation, including changes in the regulations governing savings and loan holding companies, could have a material adverse impact on Kearny Financial, Kearny Bank and their operations. The adoption of regulations or the enactment of laws that restrict the operations of Kearny Bank and/or Kearny Financial or impose burdensome requirements upon one or both of them could reduce their profitability and could impair the value of Kearny Bank’s franchise, resulting in negative effects on the trading price of our common stock.

Regulation of Kearny Bank

General. As a nonmember New Jersey savings bank with federally insured deposits, the activities of Kearny Bank are subject to extensive regulation by the NJDBI and the FDIC, including restrictions or requirements with respect to loans to one borrower, dividends, permissible investments and lending activities, liquidity, transactions with affiliates and community reinvestment. Both state and federal law regulate a savings bank’s relationship with its depositors and borrowers, especially in such matters as the ownership of savings accounts and the form and content of Kearny Bank’s mortgage documents.

Kearny Bank must file reports with the NJDBI and FDIC concerning its activities and financial condition and obtain regulatory approvals prior to entering into certain transactions such as establishing new branches and mergers with or acquisitions of other depository institutions. The NJDBI and FDIC regularly examine Kearny Bank and prepare reports to Kearny Bank’s Board of Directors on any deficiencies found in its operations. The agencies have substantial discretion to take enforcement action with respect to an institution that fails to comply with applicable legal or regulatory requirements or engages in violations of law or regulation, or unsafe and unsound practices. Such actions can include, among others, the issuance of a cease and desist order, assessment of civil money penalties, removal of officers and directors and appointment of a receiver or conservator.

Activities and Powers. Kearny Bank derives its lending, investment and other powers primarily from the applicable provisions of the New Jersey Banking Act and the related regulations. Under these laws and regulations, New Jersey savings banks, including Kearny Bank, generally may invest in real estate mortgages; consumer and commercial loans; specific types of debt securities, including certain corporate debt securities and obligations of federal, state and local governments and agencies; certain types of corporate equity securities and other specified assets.

A savings bank may also invest pursuant to a leeway power that permits investments not otherwise permitted by the New Jersey Banking Act. Leeway investments must comply with a number of limitations on individual and aggregate amounts of investments. New Jersey savings banks may also exercise those powers, rights, benefits or privileges authorized for national banks, federal savings banks or federal savings associations either directly or through a subsidiary. New Jersey savings banks may exercise powers, rights, benefits and privileges of out-of-state banks, savings banks and savings associations either directly or through a subsidiary, but prior approval by the NJDBI is required before exercising any such power, right, benefit or privilege. The exercise of these lending, investment and activity powers is further limited by federal law and the related regulations. See “—Activity Restrictions on State-Chartered Banks” below.

Activity Restrictions on State-Chartered Banks. Federal law and FDIC regulations generally limit the activities as principal and equity investments of state-chartered FDIC insured banks and their subsidiaries to those permissible for national banks and their subsidiaries, except such activities and investments that are specifically exempted by law or regulation, or approved by the FDIC.

Before engaging as principal in a new activity that is not permissible for a national bank, or otherwise permissible under federal law or FDIC regulations, an insured bank must seek approval from the FDIC, subject to certain specified exceptions. The FDIC will not approve the activity unless the bank meets its minimum capital requirements and the FDIC determines that the activity does not present a significant risk to the FDIC’s Deposit Insurance Fund. Certain activities of subsidiaries that are permitted for national banks only through a financial subsidiary are subject to additional requirements. Additionally, New Jersey parity provisions authorize New Jersey savings banks, subject to certain limitations, to exercise the powers, rights, benefits and privileges authorized for national or out-of-state banks, or federal or out-of-state savings banks or savings associations

Federal Deposit Insurance. Kearny Bank’s deposits are insured to applicable limits by the FDIC. The general maximum deposit insurance amount is $250,000 per depositor per account ownership category.

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The FDIC assesses insured depository institutions to maintain the Deposit Insurance Fund (“DIF”). Under the FDIC’s risk-based assessment system, institutions deemed less risky pay lower assessments. Assessments for institutions of less than $10 billion of assets, such as Kearny Bank, are based on financial measures and supervisory ratings derived from statistical modeling estimating the probability of an institution’s failure within three years. Effective January 1, 2023, the assessment range for insured institutions of less than $10 billion in total assets is 2.5 to 32 basis points of total assets less tangible equity.

The FDIC has authority to increase insurance assessments. Any significant increases would have an adverse effect on the operating expenses and results of operations of Kearny Bank. Management cannot predict what assessment rates will be in the future.

Insurance of deposits may be terminated by the FDIC upon a finding that an institution has engaged in unsafe or unsound practices, is in an unsafe or unsound condition to continue operations or has violated any applicable law, regulation, order or condition imposed by the FDIC. We do not currently know of any practice, condition or violation that may lead to termination of our deposit insurance.

Regulatory Capital Requirements. FDIC regulations require nonmember banks to meet several minimum capital standards: a common equity Tier 1 capital to risk-based assets ratio of 4.5%, a Tier 1 capital to risk-based assets ratio of 6.0%, a total capital to risk-based assets of 8.0%, and a Tier 1 capital to total assets leverage ratio of 4.0%. The current requirements implement recommendations of the Basel Committee on Banking Supervision and certain requirements of federal law.

For purposes of the regulatory capital standards, common equity Tier 1 capital is generally defined as common stockholders’ equity and retained earnings. Tier 1 capital is generally defined as common equity Tier 1 capital and additional Tier 1 capital. Additional Tier 1 capital includes certain noncumulative perpetual preferred stock and related surplus and minority interests in equity accounts of consolidated subsidiaries. Total capital includes Tier 1 capital (common equity Tier 1 capital plus additional Tier 1 capital) and Tier 2 capital. Tier 2 capital is comprised of capital instruments and related surplus, meeting specified requirements, and may include cumulative preferred stock and long-term perpetual preferred stock, mandatory convertible securities, intermediate preferred stock and subordinated debt.

Also included in Tier 2 capital is the allowance for credit losses limited to a maximum of 1.25% of risk-weighted assets and, for institutions that have exercised an opt-out election regarding the treatment of Accumulated Other Comprehensive Income, up to 45% of net unrealized gains on available-for-sale equity securities with readily determinable fair market values. Calculation of all types of regulatory capital is subject to deductions and adjustments specified in the regulations. At June 30, 2026, Kearny Bank has exercised the opt-out election regarding the treatment of Accumulated Other Comprehensive Income.

In determining the amount of risk-weighted assets for purposes of calculating risk-based capital ratios, all assets, including certain off-balance sheet assets, are multiplied by a risk weight factor assigned by the regulations based on the risks believed inherent in the type of asset. Higher levels of capital are required for asset categories believed to present greater risk. For example, a risk weight of 0% is assigned to cash and U.S. government securities, a risk weight of 50% is generally assigned to prudently underwritten first lien one- to four-family residential mortgages, a risk weight of 100% is assigned to commercial and consumer loans, a risk weight of 150% is assigned to certain past due loans and a risk weight of between 0% to 600% is assigned to equity interests depending on certain specified factors.

In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a capital conservation buffer consisting of 2.5% of common equity Tier 1 capital to risk-weighted assets above the amount necessary to meet its minimum risk-based capital requirements. At June 30, 2026, Kearny Bank exceeded all regulatory capital requirements.

In assessing an institution’s capital adequacy, the FDIC takes into consideration, not only these numeric factors, but also qualitative factors. The FDIC has the authority to establish higher capital requirements for individual institutions where deemed necessary.

Depository institutions and their holding companies that have less than $10 billion in total consolidated assets and meet other qualifying criteria may elect to use the optional community bank leverage ratio framework, which requires maintaining a leverage ratio of greater than 9.0% to satisfy the regulatory capital requirements, including the risk-based requirements. A qualifying institution may opt in and out of the community bank leverage ratio framework on its quarterly call report. Kearny Bank did not opt into the community bank leverage ratio framework as of June 30, 2026.

Regulations issued by the NJDBI establish generally similar regulatory capital standards for New Jersey-chartered savings banks such as Kearny Bank.

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Prompt Corrective Regulatory Action. Federal law requires that federal bank regulatory authorities take prompt corrective action with respect to institutions that do not meet minimum capital requirements. For these purposes, the law establishes five capital categories: “well capitalized,” “adequately capitalized,” “undercapitalized,” “significantly undercapitalized” and “critically undercapitalized.” Qualifying banks that elect and comply with the community bank leverage ratio (as established by the regulatory agencies) are considered well-capitalized under the prompt corrective action regulations.

The FDIC has adopted regulations to implement the prompt corrective action legislation. An institution is deemed to be well capitalized if it has a total risk-based capital ratio of 10.0% or greater, a Tier 1 risk-based capital ratio of 8.0% or greater, a leverage ratio of 5.0% or greater and a common equity Tier 1 capital ratio of 6.5% or greater. Further, to be deemed well capitalized, the institution must not be subject to any written agreement, order or capital directive, or prompt corrective action directive issued by the FDIC to meet and maintain a specific capital level for any capital measure. An institution is deemed to be adequately capitalized if it has a total risk-based capital ratio of 8.0% or greater, a Tier 1 risk-based capital ratio of 6.0% or greater, a leverage ratio of 4.0% or greater and a common equity Tier 1 capital ratio of 4.5% or greater.

An institution is deemed to be undercapitalized if it has a total risk-based capital ratio of less than 8.0%, a Tier 1 risk-based capital ratio of less than 6.0%, a leverage ratio of less than 4.0%, or a common equity Tier 1 capital ratio of less than 4.5%. An institution is deemed to be significantly undercapitalized if it has a total risk-based capital ratio of less than 6.0%, a Tier 1 risk-based capital ratio of less than 4.0%, a leverage ratio of less than 3.0% or a common equity Tier 1 capital ratio of less than 3.0%. Critically undercapitalized status is triggered if an institution has a ratio of tangible equity (as defined in the regulations) to total assets that is equal to or less than 2.0%.

Undercapitalized banks must adhere to growth, capital distribution (including dividend) and other limitations and are required to submit a capital restoration plan. A bank’s compliance with such a plan must be guaranteed by any company that controls the undercapitalized institution in an amount equal to the lesser of 5.0% of the institution’s total assets when deemed undercapitalized or the amount necessary to achieve the adequately capitalized status. If an undercapitalized bank fails to submit an acceptable capital restoration plan, it is treated as if it is significantly undercapitalized. Significantly undercapitalized banks must comply with one or more of a number of additional measures including, but not limited to, a required sale of sufficient voting stock to become adequately capitalized, a requirement to reduce total assets, cessation of taking deposits from correspondent banks, the dismissal of directors or officers, and restrictions on interest rates paid on deposits, compensation of executive officers, and capital distributions by the parent holding company. Critically undercapitalized institutions are subject to additional measures including, subject to a narrow exception, the appointment of a receiver or conservator within 270 days after such status is triggered. These actions are in addition to other discretionary supervisory or enforcement actions that the FDIC may take.

As of June 30, 2026, Kearny Bank was well capitalized.

Dividend Limitations. Federal regulations impose various restrictions or requirements on Kearny Bank to pay dividends to Kearny Financial. An institution that is a subsidiary of a savings and loan holding company, such as Kearny Bank, must file notice with the Federal Reserve Board at least thirty days before paying a dividend. The Federal Reserve Board may disapprove a notice if: (i) the institution would be undercapitalized following the capital distribution; (ii) the proposed capital distribution raises safety and soundness concerns; or (iii) the capital distribution would violate a prohibition contained in any statute, regulation, enforcement action or agreement or condition imposed in connection with an application.

New Jersey law specifies that no dividend may be paid if the dividend would impair the capital stock of the savings bank. In addition, no dividend may be paid unless the savings bank would, after payment of the dividend, have a surplus of at least 50% of its capital stock (or if the payment of dividend would not reduce surplus).

Transactions with Affiliates. Transactions between a depository institution (and, generally, its subsidiaries) and its affiliates are limited by Sections 23A and 23B of the Federal Reserve Act and Regulation W. An affiliate of an institution includes any company or entity that controls, is controlled by or is under common control with the institution. In a holding company context, the parent holding company and any companies that are controlled by such parent holding company are affiliates of the institution. Generally, Section 23A of the Federal Reserve Act and Regulation W limit the extent to which the institution or its subsidiaries may engage in “covered transactions” with any one affiliate to 10% of such institution’s capital stock and surplus, and set an aggregate limit on all such transactions with all affiliates to an amount equal to 20% of such institution’s capital stock and surplus. The term “covered transaction” includes an extension of credit to, purchase of securities and assets from, or issuance of a guarantee or letter of credit to, an affiliate, among other types of transactions. In addition, loans or other extensions of credit by the institution to the affiliate are required to be collateralized in accordance with specified requirements.

Section 23B of the Federal Reserve Act and Regulation W also require that transactions with affiliates generally be on terms and conditions that are substantially the same as, or at least as favorable to the institution as, those provided to non-affiliates.

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Extension of Credit to Insiders. Kearny Bank’s authority to extend credit to its and its affiliates’ directors, executive officers and 10% stockholders, as well as to entities controlled by such persons, is governed by the requirements of Sections 22(g) and 22(h) of the Federal Reserve Act and Regulation O of the Federal Reserve Board. Among other things, subject to certain exceptions, these provisions generally require that extensions of credit to insiders:

•be made on terms that are substantially the same as, and follow credit underwriting procedures that are not less stringent than, those prevailing for comparable transactions with unaffiliated persons and that do not involve more than the normal risk of repayment or present other unfavorable features; and

•not exceed certain limitations on the amount of credit extended to such persons, individually and in the aggregate, which limits are based, in part, on the amount of Kearny Bank’s regulatory capital and surplus.

In addition, extensions of credit in excess of certain limits must be approved by Kearny Bank’s Board of Directors. Extensions of credit to executive officers are subject to additional limits based on the type of extension involved.

Community Reinvestment Act. Under the Community Reinvestment Act (the “CRA”), every insured depository institution, including Kearny Bank, has a continuing and affirmative obligation consistent with its safe and sound operation to help meet the credit needs of its entire community, including low- and moderate-income neighborhoods. The CRA does not establish specific lending requirements or programs for financial institutions nor does it limit an institution’s discretion to develop the types of products and services that it believes are best suited to its particular community. The CRA requires the FDIC to assess the depository institution’s record of meeting the credit needs of its community and consider that record in its consideration of certain applications by the institution, such as for a merger or the establishment of a branch office. The FDIC may use an unsatisfactory CRA examination rating as the basis for denying such an application. Kearny Bank received a satisfactory CRA rating from the FDIC in its most recent CRA evaluation.

In October 2023, the FDIC, the Office of the Comptroller of the Currency and the Federal Reserve Board issued a final rule to modernize the regulations implementing the CRA. The final rule, which takes effect in phases beginning January 1, 2026, with full applicability by January 1, 2027, revises the framework for evaluating an institution's CRA performance by, among other things, establishing new assessment areas for certain bank activities conducted outside of facility-based areas, introducing metrics-based benchmarks for evaluating retail lending performance, and updating community development definitions and qualifying activities. As a large bank under the final rule, Kearny Bank will be evaluated under a Retail Lending Test, a Retail Services and Products Test, a Community Development Financing Test and a Community Development Services Test. The Company is actively preparing for implementation of the updated CRA framework and does not currently expect the final rule to have a material adverse effect on its business or financial condition.

Commercial Real Estate Lending Concentrations. The federal banking agencies have issued guidance on sound risk management practices for concentrations in commercial real estate lending. The particular focus is on exposure to commercial real estate loans that are dependent on the cash flow from the real estate held as collateral and that are likely to be sensitive to conditions in the commercial real estate market (as opposed to real estate collateral held as a secondary source of repayment or as an abundance of caution). The purpose of the guidance is not to limit a bank’s commercial real estate lending but to guide banks in developing risk management practices and capital levels commensurate with the level and nature of real estate concentrations. The guidance directs the FDIC and other federal bank regulatory agencies to focus their supervisory resources on institutions that may have significant commercial real estate loan concentration risk. A bank that has experienced rapid growth in commercial real estate lending, has notable exposure to a specific type of commercial real estate loan, or is approaching or exceeding the following supervisory criteria may be identified for further supervisory analysis with respect to real estate concentration risk:

•Total reported loans for construction, land development and other land represent 100% or more of the bank’s capital; or

•Total commercial real estate loans (as defined in the guidance) represent 300% or more of the bank’s total capital or the outstanding balance of the bank’s commercial real estate loan portfolio has increased 50% or more during the prior 36 months.

The guidance provides that the strength of an institution’s lending and risk management practices with respect to such concentrations will be taken into account in supervisory guidance on evaluation of capital adequacy.

Federal Home Loan Bank System. Kearny Bank is a member of the FHLB of New York, which is one of eleven regional Federal Home Loan Banks. Each FHLB serves as a reserve or central bank for its members within its assigned region. It is funded primarily from funds deposited by financial institutions and proceeds derived from the sale of consolidated obligations of the FHLB System. It makes loans to members pursuant to policies and procedures established by the Board of Directors of the FHLB.

As a member, Kearny Bank is required to purchase and maintain stock in the FHLB of New York in specified amounts. The FHLB imposes various limitations on advances such as limiting the amount of certain types of real estate related collateral and limiting total advances to a member.

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The FHLB of New York may pay periodic dividends to members. These dividends are affected by factors such as the FHLB’s operating results and statutory responsibilities that may be imposed such as providing certain funding for affordable housing and interest subsidies on advances targeted for low- and moderate-income housing projects. The payment of dividends, or any particular amount of dividend, cannot be assumed.

Other Laws and Regulations

Interest and other charges collected or contracted for by Kearny Bank are subject to state usury laws and federal laws concerning interest rates. Kearny Bank’s operations are also subject to federal laws (and their implementing regulations) applicable to credit transactions, such as the:

•Truth-In-Lending Act, governing disclosures of credit terms to consumer borrowers;

•Real Estate Settlement Procedures Act, requiring that borrowers for mortgage loans for one- to four-family residential real estate receive various disclosures, including good faith estimates of settlement costs, lender servicing and escrow account practices, and prohibiting certain practices that increase the cost of settlement services;

•Home Mortgage Disclosure Act, requiring financial institutions to provide information to enable the public and public officials to determine whether a financial institution is fulfilling its obligation to help meet the housing needs of the community it serves;

•Equal Credit Opportunity Act, prohibiting discrimination on the basis of race, creed or other prohibited factors in extending credit;

•Fair Credit Reporting Act, governing the use and provision of information to credit reporting agencies; and

•Fair Debt Collection Practices Act, governing the manner in which consumer debts may be collected by collection agencies.

The operations of Kearny Bank also are subject to the:

•Truth in Savings Act, prescribing disclosure and advertising requirements with respect to deposit accounts;

•Right to Financial Privacy Act, which imposes a duty to maintain confidentiality of consumer financial records and prescribes procedures for complying with administrative subpoenas of financial records;

•Electronic Funds Transfer Act, and Regulation E promulgated thereunder, governing automatic deposits to and withdrawals from deposit accounts and customers’ rights and liabilities arising from the use of automated teller machines and other electronic banking services;

•Check Clearing for the 21st Century Act (also known as “Check 21”), which gives substitute checks, such as digital check images and copies made from that image, the same legal standing as the original paper check;

•Bank Secrecy Act and USA PATRIOT Act, which requires institutions to, among other things, establish anti-money laundering compliance programs, due diligence policies and controls to ensure the detection and reporting of money laundering, terrorist financing, and other illicit activity;

•Gramm-Leach-Bliley Act, which places limitations on the sharing of consumer financial information by financial institutions with unaffiliated third parties. Specifically, the Gramm-Leach-Bliley Act requires all financial institutions offering financial products or services to retail customers to provide such customers with the financial institution’s privacy policy and provide such customers the opportunity to opt out of the sharing of certain personal financial information with unaffiliated third parties; and

•Regulations requiring banking organizations to notify their primary federal regulator as soon as possible and no later than 36 hours of determining that a “computer-security incident” that arises to the level of a “notification incident” has occurred. A notification incident is a “computer-security incident” that has materially disrupted or degraded, or is reasonably likely to materially disrupt or degrade, the banking organization’s ability to deliver services to a material portion of its customer base, jeopardize the viability of key operations of the banking organization, or impact the stability of the financial sector. Bank service providers are also required to notify any affected bank to or on behalf of which the service provider provides services “as soon as possible” after determining that it has experienced an incident that materially disrupts or degrades, or is reasonably likely to materially disrupt or degrade, covered services provided to such bank for four or more hours.

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Regulation of Kearny Financial

General. Kearny Financial is a savings and loan holding company within the meaning of federal law. Kearny Financial maintained its savings and loan holding company status (rather than becoming a bank holding company), notwithstanding the June 2017 conversion of Kearny Bank to a New Jersey savings bank charter, through Kearny Bank exercising an election available to it under federal law. Kearny Financial is required to file reports with, and is subject to regulation and examination by, the Federal Reserve Board. Kearny Financial must also obtain regulatory approval from the Federal Reserve Board before engaging in certain transactions, such as mergers with or acquisitions of other depository institutions.

In addition, the Federal Reserve Board has enforcement authority over Kearny Financial and its non-depository subsidiaries. That permits the Federal Reserve Board to restrict or prohibit activities that are determined to pose a serious risk to Kearny Bank. This regulatory structure is intended primarily for protection of Kearny Bank’s depositors and not for the benefit of stockholders of Kearny Financial.

The Federal Reserve Board has indicated that, to the greatest extent possible taking into account any unique characteristics of savings and loan holding companies and the requirements of federal law, its approach is to apply to savings and loan holding companies the supervisory principles applicable to the supervision of bank holding companies. The stated objective of the Federal Reserve Board is to ensure the savings and loan holding company and its non-depository subsidiaries are effectively supervised, can serve as a source of strength for and do not threaten the safety and soundness of, the subsidiary depository institution.

Nonbanking Activities. As a savings and loan holding company, Kearny Financial is permitted to engage in those activities permissible under federal law for financial holding companies (if certain criteria are met and an election is submitted) and for multiple savings and loan holding companies. A financial holding company may engage in activities that are financial in nature, including underwriting equity securities and insurance, as well as activities that are incidental to financial activities or complementary to a financial activity. A multiple savings and loan holding company is generally limited to activities permissible for bank holding companies under Section 4(c)(8) of the Bank Holding Company Act and certain additional activities authorized by federal regulations, subject to the approval of the Federal Reserve Board.

Mergers and Acquisitions. Kearny Financial must generally obtain approval from the Federal Reserve Board before acquiring, directly or indirectly, more than 5% of the voting stock of another savings institution or savings and loan holding company or acquiring such an institution or holding company by merger, consolidation, or purchase of its assets. Federal law also prohibits a savings and loan holding company from acquiring more than 5% of a company engaged in activities other than those authorized for savings and loan holding companies by federal law or acquiring or retaining control of a depository institution that is not insured by the FDIC. In evaluating an application for Kearny Financial to acquire control of a savings institution, the Federal Reserve Board considers factors such as the financial and managerial resources and future prospects of Kearny Financial and the target institution, the effect of the acquisition on the risk to the DIF, the convenience and the needs of the community served and competitive factors. A merger of another depository institution into Kearny Bank requires the prior approval of the NJDBI and FDIC, based on similar considerations.

Consolidated Capital Requirements. Consolidated regulatory capital requirements identical to those applicable to the subsidiary depository institutions (including the community bank leverage ratio alternative) apply to savings and loan holding companies with $3 billion or more of consolidated assets, including Kearny Financial. Kearny Financial was in compliance with the holding company capital requirements and the capital conservation buffer as of June 30, 2026.

Source of Strength Doctrine; Dividends. Federal law extended the source of strength doctrine, which has long applied to bank holding companies, to savings and loan holding companies. The Federal Reserve Board has promulgated regulations implementing the source of strength doctrine, which requires holding companies to act as a source of financial and managerial strength to their subsidiary depository institutions by providing capital, liquidity and other support in times of financial distress. Further, the Federal Reserve Board has issued a policy statement regarding the payment of dividends by bank holding companies that it has also applied to savings and loan holding companies. In general, the policy provides that dividends should be paid only out of current earnings and only if the prospective rate of earnings retention by the holding company appears consistent with the organization’s capital needs, asset quality and overall financial condition. Regulatory guidance provides for prior consultation with Federal Reserve Board supervisory staff as to dividends in certain circumstances, such as when the dividend is not covered by earnings for the period for which it is being paid, when net income for the past four quarters, net of dividends previously paid over that period, is insufficient to fully fund the dividend or when the prospective rate of earnings retention by the holding company is inconsistent with its capital needs and overall financial condition. The ability of a holding company to pay dividends may be restricted if a subsidiary depository institution becomes undercapitalized. In addition, a subsidiary institution of a savings and loan holding company must file prior notice with the Federal Reserve Board, and receive its non-objection, before paying a dividend to the parent savings and loan holding company. Federal Reserve Board guidance also provides for regulatory review of certain stock redemption and repurchase proposals by holding companies. These regulatory policies could affect the ability of Kearny Financial to pay dividends, engage in stock redemptions or repurchases or otherwise engage in capital distributions.

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Qualified Thrift Lender Test. In order for Kearny Financial to be regulated by the Federal Reserve Board as a savings and loan holding company (rather than as a bank holding company), Kearny Bank must remain a qualified thrift lender under applicable law or satisfy the domestic building and loan association test under the Internal Revenue Code. Under the qualified thrift lender test, an institution is generally required to maintain at least 65% of its portfolio assets (total assets less: (i) specified liquid assets up to 20% of total assets; (ii) intangible assets, including goodwill; and (iii) the value of property used to conduct business) in certain qualified thrift investments (primarily residential mortgages and related investments, including certain mortgage-backed and related securities) in at least nine months out of each 12 month period. As of June 30, 2026, Kearny Bank met the qualified thrift lender test.

Acquisition of Control. Under the federal Change in Bank Control Act and its implementing regulations, a notice must be submitted to the Federal Reserve Board if any person (including a company), or group acting in concert, seeks to acquire control of a savings and loan holding company. An acquisition of control can occur upon the ownership, control, or holding with power to vote of 10% or more of a class of voting stock of a savings and loan holding company. Under the Change in Bank Control Act and its implementing regulations, the Federal Reserve Board has 60 days from the filing of a complete notice to act, taking into consideration certain factors, including the financial condition of the acquirer, and future prospects of the proposed acquirer, the competence and integrity of the proposed acquirer and the effects of the acquisition on competition.

Any company that seeks to acquire “control” of Kearny Financial or Kearny Bank, within the meaning of the Home Owners’ Loan Act, must file an application, and receive the Federal Reserve Board’s prior approval under that statute. The Company would then be subject to regulation as a savings and loan holding company.

The prior approval of the NJDBI would also be necessary for the acquisition of 25% of a class of the Company’s voting stock, or “control” as otherwise defined under New Jersey law.

Incentive Compensation. In October 2022, the SEC adopted a final rule implementing the incentive-based compensation recovery (“clawback”) provisions of the Dodd-Frank Act. The final rule directs national securities exchanges and associations, including NASDAQ, to require listed companies to develop and implement clawback policies to recover erroneously awarded incentive-based compensation from current or former executive officers in the event of a required accounting restatement due to material noncompliance with any financial reporting requirement under the securities laws, and to disclose their clawback policies and any actions taken under these policies. On June 9, 2023, the SEC approved the NASDAQ proposed clawback listing standards, including the amendments that delayed the effective date of the rules to October 2, 2023. The Board of Directors of Kearny Financial approved the adoption of a clawback policy in October 2023, pursuant to the NASDAQ clawback listing standards. A copy of the Company’s clawback policy is included as an exhibit to this Annual Report on Form 10-K.

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Item 1A. Risk Factors

An investment in our securities is subject to risks inherent in our business and the industry in which we operate. Before making an investment decision, you should carefully consider the risks and uncertainties described below and all other information included in this Annual Report on Form 10-K. The risks described below may adversely affect our business, financial condition and operating results. In addition to these risks and any other risks or uncertainties described in “Item 1. Business—Forward-Looking Statements” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” there may be additional risks and uncertainties that are not currently known to us or that we currently deem to be immaterial that could materially and adversely affect our business, financial condition or operating results. The value or market price of our securities could decline due to any of these identified or other risks. Past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results or trends in future periods.

Interest Rate

Changes in market interest rates and the interest rate environment may adversely affect our business, financial condition and results of operations.

We derive our income mainly from the difference or spread between the interest earned on loans, securities and other interest-earning assets and interest paid on deposits, borrowings and other interest-bearing liabilities. As such, our earnings are highly sensitive to changes in market interest rates, which directly influence the relationship between the yields on our interest-earning assets and the costs of our interest-bearing liabilities. Because the repricing characteristics of our interest-earning assets and interest-bearing liabilities are not perfectly matched, changes in market interest rates may alter the spread between asset yields and funding costs, resulting in fluctuations in net interest margin.

In particular, if funding costs increase more rapidly than asset yields, or if asset yields decline more rapidly than funding costs, our net interest margin and net interest income could be adversely affected. Changes in interest rates may also affect the economic value of our assets, liabilities and stockholders’ equity, which could adversely impact our financial condition and results of operations.

We are unable to predict changes in market interest rates, which are affected by many factors beyond our control, including inflation, unemployment, money supply, governmental policy, monetary policy actions of the Federal Open Market Committee ("FOMC"), the imposition of tariffs, domestic and international events and changes in the United States and other financial markets.

A significant portion of our assets consists of investment securities, which generally yield less than loans and are classified as available for sale, potentially contributing to increased volatility in our equity.

Our net interest margin is lower than it would have been if a higher proportion of our interest-earning assets consisted of loans. Additionally, at June 30, 2026, $964.4 million, or 90.0% of our investment securities, are classified as available for sale and reported at fair value with unrealized gains or losses excluded from earnings and reported in other comprehensive income, which affects our reported equity. Accordingly, given the significant size of the investment securities portfolio classified as available for sale and due to possible mark-to-market adjustments of that portion of the portfolio resulting from market conditions, we may experience greater volatility in the value of reported equity. Moreover, given that we actively manage our investment securities portfolio classified as available for sale, we may sell securities which could result in a realized loss, thereby reducing our net income.

Changes in market interest rates also impact the value of our interest-earning assets and interest-bearing liabilities as well as the value of our derivatives portfolios. In particular, the unrealized gains and losses on securities available for sale and changes in the fair value of interest rate derivatives serving as cash flows hedges are reported, net of tax, in accumulated other comprehensive income which is a component of stockholders’ equity. Consequently, declines in the fair value of these instruments resulting from changes in market interest rates have, and may continue to, adversely affect stockholders’ equity.

Loan repricing and refinancing risk may adversely affect borrower performance.

As of June 30, 2026, a significant portion of our loan portfolio is scheduled to reset or mature during fiscal 2027. Many of these loans were originated in calendar 2021 and 2022 at interest rates below current market levels. As these loans reprice, mature, or require refinancing, borrowers may face higher borrowing costs and increased debt service obligations. Higher interest rates and tighter credit conditions may adversely affect borrowers' cash flows, financial condition, and ability to obtain replacement financing on acceptable terms. As a result, some borrowers may experience difficulty meeting their repayment obligations, which could lead to increased delinquencies or defaults. Any such deterioration in borrower performance could adversely affect our asset quality and operating results.

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Asset Quality

If our allowance for credit losses is not sufficient to cover actual loan losses, our earnings will decrease.

We make various assumptions and judgments about the collectability of our loan portfolio, including the creditworthiness of our borrowers and the value of the real estate and other assets serving as collateral for the repayment of many of our loans. In determining the required amount of the allowance for credit losses, we evaluate loans individually and establish credit loss allowances for specifically identified impairments. For loans not individually analyzed, we estimate losses and establish reserves based on reasonable and supportable forecasts and adjustments for qualitative factors. If the assumptions used in our calculation methodology are inaccurate, our allowance for credit losses may be insufficient to cover losses inherent in our loan portfolio, resulting in further additions to our allowance. Significant additions to our allowance could materially decrease our net income.

In addition, bank regulators periodically review our allowance for credit losses and may require us to increase our provision for credit losses or recognize further loan charge-offs. Any increase in our allowance for credit losses or loan charge-offs as required by these regulatory authorities might have a material adverse effect on our financial condition and results of operations.

Our commercial real estate lending exposes us to additional risk.

Our commercial real estate (“CRE”) lending exposes us to greater risks than one- to four-family residential lending. Unlike single-family, owner-occupied residential mortgage loans, which generally are made on the basis of the borrower’s ability to make repayment from employment and other income sources, and are secured by real property whose value tends to be more easily ascertainable and realizable, the repayment of commercial real estate loans typically is dependent on the successful operation, occupancy levels, rental income and cash flows generated by the underlying property, all of which can be significantly affected by economic conditions.

In addition, commercial real estate loans generally carry larger balances to single borrowers or related groups of borrowers than one- to four-family mortgage loans, which increases the financial impact of a borrower’s default.

The risk exposure from our increased commercial real estate lending is also a function of the markets in which we operate. Our commercial real estate lending activity is generally focused on borrowers domiciled, and real estate located, within the states of New Jersey and New York. Regional risk factors and changes to local laws and regulations, including changes to rent regulations or foreclosure laws, may present greater risk than a more geographically diversified portfolio.

Our increased commercial and industrial and construction loan originations exposes us to increased credit risk.

We have increased our originations of commercial and industrial and construction loans, which generally have more risk than both one- to four-family residential and commercial mortgage loans. Since repayment of commercial and industrial and construction loans may depend on the successful operation of the borrower’s business or the successful completion of a construction project, repayment of such loans can be affected by adverse conditions in the real estate market or the local economy. If we continue to increase our originations of these loans, it may be necessary to increase the level of our allowance for credit losses because of the increased risk characteristics associated with these types of loans. Any such increase to our allowance for credit losses would adversely affect our earnings.

We have a significant concentration in commercial real estate loans. If our regulators were to curtail our commercial real estate lending activities, our earnings and/or dividend paying capacity could be adversely affected.

In 2006, the FDIC, the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System issued joint guidance entitled “Concentrations in Commercial Real Estate Lending, Sound Risk Management Practices” (the “Guidance”). The Guidance provides that a bank’s commercial real estate lending exposure may receive increased supervisory scrutiny when total non-owner occupied commercial real estate loans, including loans secured by multi-family property, and construction loans, represent 300% or more of an institution’s total risk-based capital and the outstanding balance of the commercial real estate loan portfolio has increased by 50% or more during the preceding 36 months. Our level of non-owner occupied commercial real estate equaled 515% of Bank total risk-based capital at June 30, 2026, however our commercial real estate loan portfolio has decreased during the preceding 36 months.

We may be required to record impairment charges with respect to our investment securities portfolio.

We review our securities portfolio at the end of each quarter to determine whether the fair value is below the current carrying value. When the fair value of any of our investment securities has declined below its carrying value, we are required to assess whether we intend to sell, or it is more than likely than not that we will be required to sell the security before recovery of its amortized cost basis. If this assessment indicates that a credit loss exists, we would be required to record an impairment charge.

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We elected the practical expedient of zero loss estimates for securities issued by U.S. government entities and agencies. A possible future downgrade of the sovereign credit ratings of the U.S. government and a decline in the perceived creditworthiness of U.S. government-related obligations could adversely impact the value of our investment securities portfolio. We cannot predict if, when or how any changes to the credit ratings or perceived creditworthiness of these organizations will affect economic conditions. A downgrade of the sovereign credit ratings of the U.S. government or the credit ratings of related institutions, agencies or instruments would significantly exacerbate the other risks to which we are subject and any related adverse effects on the business, financial condition and results of operations.

At June 30, 2026, we had investment securities with fair values of approximately $1.06 billion. The valuation and liquidity of our securities could be adversely impacted by reduced market liquidity, increased normal bid-asked spreads and increased uncertainty of market participants, which could reduce the market value of our securities, including those with no apparent credit exposure. The valuation of our securities requires judgment and as market conditions change security values may also change. Significant negative changes to valuations could result in impairments in the value of our securities portfolio, which could have an adverse effect on our financial condition or results of operations.

Our investments in corporate and municipal debt securities, subordinated debt securities and collateralized loan obligations expose us to additional credit risks.

The composition and allocation of our investment portfolio has historically emphasized U.S. agency mortgage-backed securities and U.S. agency debentures. While such assets remain a significant component of our investment portfolio at June 30, 2026, prior enhancements to our investment policies, strategies and infrastructure have enabled us to diversify the composition and allocation of our securities portfolio. Such diversification has included investing in corporate debt, municipal obligations, subordinated debt securities issued by financial institutions and collateralized loan obligations. With the exception of collateralized loan obligations, these securities are generally backed only by the credit of their issuers while investments in collateralized loan obligations generally rely on the structural characteristics of an individual tranche within a larger investment vehicle to protect the investor from credit losses arising from borrowers defaulting on the underlying securitized loans.

While we have invested primarily in investment grade securities, these securities are not backed by the federal government and expose us to a greater degree of credit risk than U.S. agency securities. Any decline in the credit quality of these securities exposes us to the risk that the market value of the securities could decrease which may require us to write down their value and could lead to a possible default in payment.

Funding

Our reliance on wholesale funding could adversely affect our liquidity and operating results.

Among other sources of funds, we rely on wholesale funding, including short- and long-term borrowings and brokered deposits, to provide funds with which to make loans, purchase investment securities and provide for other liquidity needs. On June 30, 2026, wholesale funding totaled $1.9 billion, or approximately 24.8% of total assets.

In the future, this funding may not be readily replaceable as it matures, or we may have to pay a higher rate of interest to maintain it. Not being able to maintain or replace those funds as they mature would adversely affect our liquidity. Paying higher interest rates to maintain or replace funding would adversely affect our net interest margin and operating results.

A lack of liquidity could adversely affect our financial condition and results of operations and result in regulatory limits being placed on the Company.

Liquidity is essential to our business. We rely on our ability to gather deposits, make investments and effectively manage the repayment and maturity schedules of loans to ensure that there is adequate liquidity to fund our operations and pay our obligations. An inability to raise funds through deposits, borrowings, the sale and maturities of loans and securities and other sources could have a substantial negative effect on liquidity. Our most important source of funds is deposits. Deposit balances can decrease when customers perceive alternative investments, cash management solutions or payment technologies as providing a more attractive risk/return, convenience or utility proposition. Such preferences may be influenced by changes in interest rates, local and national economic conditions, the availability and attractiveness of competing products, including U.S. dollar-denominated stablecoins and other digital asset-based alternatives, and perceptions regarding the stability of the financial services industry generally and our institution specifically. Further, the demand for deposits may be reduced due to a variety of factors such as demographic patterns, changes in customer preferences, reductions in consumers’ disposable income, the monetary policy of the FRB, regulatory actions that decrease customer access to particular products, or the emergence and increased adoption of alternative payment, savings and transaction platforms. In particular, the growing acceptance of U.S. dollar-denominated stablecoins and other digital asset-based payment technologies may provide consumers and businesses with alternatives to traditional bank deposits for storing value and conducting transactions. To the extent customers shift funds from bank deposits to stablecoins, money market funds or other competing cash management products, we could experience deposit outflows, increased funding competition and higher funding costs. Such developments could reduce a relatively low-cost source of funding,

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negatively affect net interest income, liquidity and profitability, and require us to offer more competitive deposit rates or seek alternative funding sources.

Other primary sources of funds consist of cash flows from operations, maturities and sales of investment securities. We have the capacity to borrow additional funds from the FHLB as well as from the FRB without pledging additional collateral, and via unsecured overnight borrowings from other financial institutions. Our access to funding sources in amounts adequate to finance or capitalize our activities, or on terms that are acceptable, could be impaired by factors that affect us directly or the financial services industry or economy in general, such as disruptions in the financial markets, changes in the value of investment securities, negative views and expectations about the prospects for the financial services industry, a decrease in our business activity as a result of a downturn in markets, or adverse regulatory actions against us.

Any decline in available funding could adversely impact our ability to originate loans, invest in securities, meet expenses, or to fulfill obligations such as repaying borrowings or meeting deposit withdrawal demands, any of which could have a material adverse impact on our liquidity, business, financial condition and results of operations.

A lack of liquidity could also attract increased regulatory scrutiny and potential restraints imposed on us by regulators. Depending on the capitalization status and regulatory treatment of depository institutions, including whether an institution is subject to a supervisory prompt corrective action directive, certain additional regulatory restrictions and prohibitions may apply, including restrictions on growth, restrictions on interest rates paid on deposits, restrictions or prohibitions on payment of dividends and restrictions on the acceptance of brokered deposits.

Public funds deposits are a notable source of funds for us and a reduced level of those deposits may hurt our profits and liquidity position.

Public funds deposits are a notable source of funds for our lending and investment activities. At June 30, 2026, $638.8 million, or 11.2% of our total deposits, consisted of public funds deposits from local government entities in the state of New Jersey, such as townships, counties, school districts and charter schools. These deposits are collateralized by letters of credit from the FHLB or through the pledge of eligible investment securities. Given our reliance on these typically high-average balance public funds deposits as a source of funds, our inability to retain such funds could adversely affect our liquidity. Further, our public funds deposits are primarily floating rate interest-bearing demand deposit accounts and therefore their pricing is more sensitive to changes in interest rates. If we are forced to pay higher rates on our public funds accounts to retain those funds, or if we are unable to retain such funds and we are forced to rely on other sources of funds for our lending and investment activities, such as borrowings from the FHLB, the interest expense associated with these other funding sources may be higher than the rates we are currently paying on our public funds deposits, which would adversely affect our net interest income.

Economic and Market Area

Changes in economic conditions, in particular an economic slowdown in the markets we operate in, could materially and negatively affect our business.

Our business is directly impacted by factors such as economic, political and market conditions, broad trends in industry and finance, legislative and regulatory changes, changes in government monetary and fiscal policies and inflation, all of which are beyond our control. Any deterioration in economic conditions, whether caused by national or local concerns, in particular any further economic slowdown in the markets we operate in, could result in the following consequences, any of which could hurt our business materially: loan delinquencies may increase; problem assets and foreclosures may increase; demand for our products and services may decrease; low cost or non-interest bearing deposits may decrease; and collateral for loans made by us, especially real estate, may decline in value, in turn reducing customers’ borrowing power, and reducing the value of assets and collateral associated with our existing loans.

Our success significantly depends upon the growth in population, income levels, deposits, and housing starts in our markets. If the communities in which we operate do not grow or if prevailing economic conditions locally or nationally are unfavorable, our business may not succeed. An economic downturn or prolonged recession may result in the deterioration of the quality of our loan portfolio and reduce our level of deposits, which in turn would hurt its business. If we experience an economic downturn or a prolonged economic recession occurs in the economy as a whole, borrowers will be less likely to repay their loans as scheduled. Unlike many larger institutions, we are not able to spread the risks of unfavorable local economic conditions across a large number of diversified economies. An economic downturn could, therefore, result in losses that materially and adversely affect our business.

Inflation has had, and may continue to have a negative effect on our results of operations and financial condition.

Although inflation has decreased significantly from the elevated levels experienced at the end of 2021 and through the first half of calendar 2024, inflation levels continue to exceed the Federal Reserve’s long-term target of 2.0%. Small to medium-sized businesses may be impacted more during periods of high inflation as they are not able to leverage economics of scale to mitigate cost pressures compared to larger businesses. Consequently, the ability of our business customers to repay their loans

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may deteriorate, and in some cases this deterioration may occur quickly, which would adversely impact our results of operations and financial condition. Furthermore, a prolonged period of inflation could cause wages and other costs to the Company to increase, which has and could continue to adversely affect our results of operations and financial condition.

Interruption of our customers’ supply chains and federal funding could negatively impact their business and operations and impact their ability to repay their loans.

Any material interruption in our customers’ supply chains, such as a material interruption of the resources required to conduct their business, such as those resulting from interruptions in service by third-party providers, trade restrictions, such as increased tariffs or quotas, embargoes or customs restrictions, reductions in federal subsidies or grants, social or labor unrest, natural disasters, epidemics or pandemics or political disputes and military conflicts, that cause a material disruption in our customers’ supply chains, could have a negative impact on their business and ability to repay their borrowings with us. In the event of disruptions in our customers’ supply chains, the labor and materials they rely on in the ordinary course of business may not be available at reasonable rates or at all. Additionally, changes in distribution of federal funds or freezing of federal funds, including reductions in federal workforce causing unemployment, could have an adverse effect on the ability of consumers and businesses to pay debts and/or affect the demand for loans and deposits.

Acts of terrorism, severe weather, public health issues, geopolitical events and other external factors could impact our ability to conduct business.

Financial institutions have been, and continue to be, targets of terrorist threats and other malicious activities designed to disrupt operations, compromise information systems and impair communications. In addition, the metropolitan New York area and northern New Jersey remain central targets for acts of terrorism and other disruptive events. Severe weather events, natural disasters, public health emergencies, military conflicts, geopolitical tensions and other external events may disrupt our operations, damage our facilities, impair access to critical infrastructure and technology systems, and adversely affect the communities and local economies in which we operate.

These events may also impair the ability of our borrowers to repay their loans, increase loan delinquencies, nonperforming assets and foreclosures, reduce demand for our products and services, and decrease the value of collateral securing our loans, particularly real estate collateral. Such events may also result in increased expenses, operational disruptions, reductions in revenue and adverse impacts on our capital and liquidity levels.

While we maintain business continuity and disaster recovery plans and regularly test our recovery procedures, there can be no assurance that such measures will be sufficient to prevent or mitigate the effects of these events. The occurrence of any such event, including a sudden or prolonged downturn in domestic or global markets resulting from these factors, could have a material adverse effect on our business, financial condition and results of operations.

We face intense competition from other financial services and financial services technology companies, and competitive pressures could adversely affect our business or financial performance.

We face intense competition in all of our markets and geographic regions and expect it to intensify in the future. Competition with financial services technology companies, or technology companies partnering with financial services companies, may be particularly intense, due to, among other things, differing regulatory environments. Competitive pressures may drive us to take actions that we might otherwise eschew, such as lowering the interest rates or fees on loans or raising the interest rates on deposits in order to keep or attract high-quality clients. These pressures also may accelerate actions that we might otherwise elect to defer, such as substantial investments in technology or infrastructure. The actions that we take in response to competition may adversely affect our results of operations and financial condition. These consequences could be exacerbated if we are not successful in introducing new products and other services, achieving market acceptance of our products and other services, developing and maintaining a strong client base, or prudently managing expenses.

Information Security and Use of Artificial Intelligence Technologies

Cybersecurity threats, technology failures and information security risks could result in operational disruptions, financial losses and reputational harm.

Information technology systems are critical to our business and support key functions, including client relationship management, financial reporting, securities investments, deposit processing, loan servicing and other operational activities. Despite the controls, policies and procedures we maintain to monitor and mitigate technology, operational and information security risks, our systems, as well as those of our third-party service providers, remain vulnerable to cybersecurity incidents, system failures, service interruptions, processing errors and other performance disruptions. The financial services industry has experienced an increase in the frequency and sophistication of cyber-attacks, including attempts to gain unauthorized access to systems, misappropriate assets or confidential information, corrupt data, disrupt operations and facilitate fraud.

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We rely on third-party service providers, including core processors, cloud service providers, payment, clearing and settlement networks, and other technology partners, many of which are beyond our direct control. We also rely on senior management, information security personnel and external consultants to support the identification, assessment, monitoring and management of cybersecurity and information security risks, and our Board of Directors' oversight of such risks depends in part on information, analysis and recommendations provided by these individuals.

Failures, disruptions, security breaches or unauthorized disclosures involving our systems, those of our third-party service providers, or deficiencies in the oversight, assessment or management of cybersecurity risks could impair our operations, disrupt client access to products and services, compromise sensitive information and expose us to fraud losses. In addition, our clients are increasingly targeted by cyber-attacks, identity theft and other fraudulent activity, which could result in account compromise, financial loss and reputational harm to us, regardless of whether the underlying event originates within our systems or those of third parties. Any such event could result in operational disruption, loss of customers, reputational damage, litigation, regulatory scrutiny, remediation costs and other liabilities, any of which could have a material adverse effect on our business, financial condition and results of operations.

Our use of artificial intelligence, robotic process automation, and other emerging technologies may increase operational, compliance, cybersecurity, and third-party risks.

We have made and expect to continue to make investments to integrate artificial intelligence (“AI”), including generative artificial intelligence, machine learning technologies, robotic process automation (“RPA”), and other emerging technologies into our solutions to enhance operational efficiency, scalability, customer service, and decision making. We also rely on third-party vendors, service providers, and business partners that use or support these technologies in delivering services to us. The use of AI and RPA introduces operational, compliance, cybersecurity, model risk, and third-party risks. These technologies may generate inaccurate, incomplete, biased, or unreliable outputs, experience design or programming errors, fail to operate as intended, or be improperly implemented, monitored, or governed. Such failures could result in processing errors, data inaccuracies, ineffective internal controls, customer service disruptions, regulatory compliance issues, reporting errors, or adverse customer outcomes. In addition, the use of AI and automation may increase risks related to data privacy, information security, fraud, and unauthorized access to confidential information.

Our dependence on third-party technology providers exposes us to risks associated with vendor performance, operational resiliency, cybersecurity practices, service disruptions, and the availability of specialized technology providers. Furthermore, the legal and regulatory framework governing AI and other emerging technologies continues to evolve, and new laws, regulations, or supervisory expectations could increase compliance costs, restrict the use of certain technologies, or require changes to our governance and risk management practices. Failure to effectively manage these risks, whether by us or our third-party providers, could result in financial loss, regulatory scrutiny, litigation, reputational harm, or other adverse effects on our business and results of operations.

As AI technologies continue to evolve, we may be required to invest in enhanced governance, monitoring, and compliance frameworks to manage these risks effectively.

Regulatory Matters

We operate in a highly regulated environment and may be adversely affected by changes in federal and state laws and regulations.

The financial services industry is extensively regulated. Federal and state banking regulations are designed primarily to protect the deposit insurance funds and consumers, not to benefit a company’s shareholders. These regulations may sometimes impose significant limitations on operations. The significant federal and state banking regulations that affect us are described under the heading “Item 1. Business—Regulation.” These regulations, along with the currently existing tax, accounting, securities, insurance, and monetary laws, regulations, rules, standards, policies, and interpretations control the methods by which financial institutions conduct business, implement strategic initiatives and tax compliance, and govern financial reporting and disclosures. New proposals for legislation continue to be introduced in the U.S. Congress that could further alter the regulation of the bank and non-bank financial services industries and the manner in which companies within the industry conduct business.

In addition, federal and state regulatory agencies also frequently adopt changes to their regulations or change the manner in which existing regulations are applied. Future changes in federal policy and at regulatory agencies may occur over time through policy and personnel changes, which could lead to changes involving the level of oversight and focus on the financial services industry. These changes may require us to invest significant management attention and resources to make any necessary changes to operations to comply and could have an adverse effect on our business, financial condition and results of operations.

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The performance of our multi-family loans could be adversely impacted by regulation.

Multifamily loans generally involve risks associated with legislation and government regulations involving rent control, rent stabilization and tenant protection measures, which are outside of our control and could impair the value of the collateral securing such loans or the future cash flows of such properties. In particular, certain of our multifamily loans are secured by properties located in New York City, where rent-regulation laws and related housing policies may limit a property owner's ability to increase rents, recover rising operating costs or otherwise enhance property cash flow.

In addition, future legislative, regulatory or policy changes affecting rent-regulated housing, including expanded tenant protections or additional limitations on rent increases, could adversely affect the operating performance and value of multifamily properties. As a result, rental income may not increase sufficiently to offset rising expenses, including taxes, insurance, utilities and maintenance costs. Any reduction in borrower cash flows or collateral values could impair a borrower's ability to repay its loan obligations and adversely affect our business, financial condition and results of operations.

Changes to tax laws and regulations could adversely affect our financial condition or results of operations.

Changes in tax laws and/or regulatory requirements could be enacted. These changes in the law may be retroactive to previous periods and as a result could negatively affect our current and future financial performance. An increase in our corporate tax rate could have an unfavorable impact on our earnings and capital generation abilities. Similarly, the Bank’s clients could experience varying effects from changes in tax laws and such effects, whether positive or negative, may have a corresponding impact on our business and the economy as a whole. In addition, changes to regulatory requirements could increase our costs of regulatory compliance and may significantly affect the markets in which we do business, the markets for and value of our loans and investments, and our ongoing operations, costs and profitability.

Business Issues

We may be required to recognize goodwill impairment charges in future periods.

At June 30, 2026, our goodwill totaled $113.5 million. We are required to periodically test our goodwill for impairment. The impairment testing process considers a variety of factors, including the current market price of our common stock, the estimated net present value of our assets and liabilities, and information concerning the terminal valuation of similarly situated insured depository institutions. If an impairment determination is made in a future reporting period, our earnings and the book value of goodwill will be reduced by the amount of the impairment. If an impairment loss is recorded, it will have little or no impact on the tangible book value of our common stock or our regulatory capital levels, but recognition of such an impairment loss could significantly restrict Kearny Bank’s ability to make dividend payments to Kearny Financial and therefore adversely impact our ability to pay dividends to stockholders.

We cannot guarantee that our allocation of capital to various alternatives will enhance long-term stockholder value.

Our business plan calls for us to execute a variety of strategies to allocate and deploy any excess capital including, but not limited to, continued organic balance sheet growth and diversification, and payment of regular cash dividends. Additionally, we will carefully consider acquisition opportunities to further deploy capital when we expect such opportunities to significantly enhance long-term shareholder value. If we are unable to effectively and timely deploy capital through these strategies, it may constrain growth in earnings and return on equity and thereby diminish potential growth in stockholder value.

Our acquisitions and the integration of acquired businesses, may not result in all of the cost savings and benefits anticipated, which could adversely affect our financial condition or results of operations.

We have in the past, and may in the future, seek to grow our business by acquiring other businesses. There is risk that our acquisitions may not have the anticipated positive results, including results relating to: correctly assessing the asset quality of the assets being acquired; the total cost and time required to complete the integration successfully; being able to profitably deploy funds acquired in an acquisition; or the overall performance of the combined entity.

Acquisitions may also result in business disruptions that could cause clients to remove their accounts from us and move their business to competing financial institutions. It is possible that the integration process related to acquisitions could result in the disruption of our ongoing businesses or inconsistencies in standards, controls, procedures and policies that could adversely affect our ability to maintain relationships with clients and employees. The loss of key employees in connection with an acquisition could adversely affect our ability to successfully conduct our business. Acquisition and integration efforts could divert management attention and resources, which could have an adverse effect on our financial condition and results of operations. Additionally, the operation of the acquired branches may adversely affect our existing profitability, and we may not be able to achieve results in the future similar to those achieved by the existing banking business or manage growth resulting from the acquisition effectively.

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Because the nature of the financial services business involves a high volume of transactions, we face significant operational risks.

We operate in diverse markets and rely on the ability of our employees and systems to process a high number of transactions. Operational risk is the risk of loss resulting from our operations, including but not limited to, the risk of fraud by employees or persons outside the Company, the execution of unauthorized transactions by employees, errors relating to transaction processing and technology, breaches of the internal control system and compliance requirements, and business continuation and disaster recovery. Insurance coverage may not be available for such losses, or where available, such losses may exceed insurance limits. This risk of loss also includes the potential legal actions that could arise as a result of an operational deficiency or as a result of noncompliance with applicable regulatory standards, adverse business decisions or their implementation, and client attrition due to potential negative publicity. In the event of a breakdown in the internal control system, improper operation of systems or improper employee actions, we could suffer financial loss, face regulatory action, and suffer damage to our reputation.

Our risk management framework may not be effective in mitigating risk and reducing the potential for significant losses.

Our risk management framework is designed to effectively manage and mitigate risk while minimizing exposure to potential losses. We seek to identify, measure, monitor, report and control our exposure to risk, including strategic, market, liquidity, compliance and operational risks. While we use a broad and diversified set of risk monitoring and mitigation techniques, these techniques are inherently limited because they cannot anticipate the existence or future development of currently unanticipated or unknown risks. Recent economic conditions and heightened legislative and regulatory scrutiny of the financial services industry, among other developments, have increased our level of risk. Accordingly, we could suffer losses as a result of our failure to properly anticipate and manage these risks.

We could be adversely affected by failure in our internal controls.

A failure in our internal controls could have a significant negative impact not only on our earnings, but also on the perception that clients, regulators and investors may have of us. We continue to devote a significant amount of effort, time and resources to continually strengthening our controls and ensuring compliance with complex accounting standards and banking regulations.

The inability to attract and retain key personnel could adversely affect our business.

The successful execution of our business strategy is partially dependent on our ability to attract and retain experienced and qualified personnel. Failure to do so could adversely affect our strategy, client relationships and internal operations.

Item 1B. Unresolved Staff Comments

Not applicable.

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Item 1C. Cybersecurity

Risk Management and Strategy

We structure our information security program around Federal Financial Institutions Examinations Council (“FFIEC”) and Federal Deposit Insurance Corporation (“FDIC”) regulatory guidance, along with other applicable industry standards. We leverage industry and government associations, third-party benchmarking, audits and threat intelligence feeds to evaluate program effectiveness. Our Chief Technology and Innovation Officer ("CTIO"), along with key members of their team, regularly collaborate with peer banks, industry groups, and policymakers.

We employ an in-depth, layered, defensive strategy with respect to our products, services and technology. We leverage people, processes and technology to manage and maintain information security controls. We employ a variety of preventative and detective tools designed to monitor, block, and provide alerts regarding suspicious activity, as well as to report on any suspected advanced persistent threats.

We have established processes and systems to identify and mitigate information security risk, including regular education and training, preparedness simulations and tabletop exercises, and recovery and resilience tests. Our processes, systems and controls are reviewed periodically by internal and external auditors, Federal and State bank examiners, and independent external partners to assess design and operating effectiveness. We also maintain cyber risk insurance coverage commensurate for an institution of our size and complexity.

We engage third party security experts to supplement our internal Information Security team for assessments, penetration tests and program enhancements, including vulnerability assessments, security framework maturity assessments and identification of areas for continued focus and improvement. In addition, our third-party experts work with us to conduct cybersecurity tabletop exercises and internal phishing awareness campaigns. We use the findings of these exercises to improve our practices, procedures, and technologies. We also engage third party security experts to support our cybersecurity threat and incident response management and maintain information security risk insurance coverage.

The secure maintenance and transmission of confidential information, as well as execution of transactions over the systems of our third-party service providers, is essential to protect us and our customers against fraud and security breaches and to maintain customer confidence. Information security and risk management are an integral part of our new product and service implementation and vendor relationship management to confirm that they all meet the minimum standards and policies established and approved by our Board. We have developed processes to identify and oversee risks from cybersecurity threats associated with our third-party service providers, which includes the information security team assisting with and assessing cybersecurity robustness during vendor selection and onboarding as well as risk-based monitoring of vendors on an ongoing basis.

We engage with a range of external experts, including cybersecurity assessors, consultants, auditors, and legal counsel in evaluating and testing our information security risk management systems. This enables us to leverage specialized knowledge and insights, ensuring our cybersecurity strategies and processes remain current.

In the past three years, we have not experienced any material computer data security breaches as a result of a compromise of our information systems and we are not aware and have not had a significant cybersecurity breach or attack that had a material impact on our business or operating results to date.

Governance

Our Board is actively engaged in the oversight of our information security program. In 2025 the Board created an Information Security Committee, which is responsible for overseeing our information security program, including management’s actions to identify, assess, mitigate, and remediate material information security issues and risks. Our CTIO provides reports, at least quarterly, to the Information Security Committee regarding information security programs, key enterprise information security initiatives, and significant cybersecurity and privacy incidents. Our CTIO is part of the risk management function, reporting directly to our Chief Executive Officer (“CEO”).

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Item 2. Properties

The Company and the Bank conduct business from their corporate headquarters at 120 Passaic Avenue in Fairfield, New Jersey and from administrative offices located in Fairfield, Clifton and Oakhurst, New Jersey.

At June 30, 2026, the Company operated 40 branch offices located in Bergen, Essex, Hudson, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset and Union counties, New Jersey and Kings and Richmond counties, New York. At June 30, 2026, 18 of our branch offices are leased with remaining terms between nine months and seven years. At June 30, 2026, our net investment in property and equipment totaled $42.4 million.

Additional information regarding our properties as of June 30, 2026, is presented in Note 7 to the audited consolidated financial statements.

Item 3. Legal Proceedings

We are, from time to time, party to routine litigation, which arises in the normal course of business, such as claims to enforce liens, condemnation proceedings on properties in which we hold security interests, claims involving the making and servicing of real property loans and other issues incident to our business. At June 30, 2026, there were no lawsuits pending or known to be contemplated against us that would be expected to have a material effect on operations or income.

Item 4. Mine Safety Disclosures

Not applicable.

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PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

(a) Market Information. The Company’s common stock trades on The NASDAQ Global Select Market under the symbol “KRNY.”

Declarations of dividends by the Board of Directors depend on a number of factors, including investment opportunities, growth objectives, financial condition, profitability, tax considerations, minimum capital requirements, regulatory limitations, stock market characteristics and general economic conditions. The timing, frequency and amount of dividends are determined by the Board of Directors.

The Company’s ability to pay dividends may also depend on the receipt of dividends from the Bank, which is subject to a variety of limitations under federal banking regulations regarding the payment of dividends. For discussion of corporate and regulatory limitations applicable to the payment of dividends, see “Item 1. Business-Regulation.”

As of August 19, 2026, there were 3,659 registered holders of record of the Company’s common stock. Certain shares of the Company are held in “street” name and accordingly, the number of beneficial owners of such shares is not known or included in the foregoing number.

(b) Use of Proceeds. Not applicable.

(c) Issuer Purchases of Equity Securities. The Company did not repurchase any shares of its common stock during the fourth quarter of the fiscal year ended June 30, 2026.

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Stock Performance Graph. The following graph compares the cumulative total shareholder return on the Company’s common stock with the cumulative total return on the NASDAQ Composite Index and a peer group of the S&P U.S. SmallCap Banks Index, in each case assuming an investment of $100 as of June 30, 2021. Total return assumes the reinvestment of all dividends.

			At June 30,
			2021						2022						2023						2024						2025						2026
Kearny Financial Corp.			$	100.00					$	96.12					$	63.97					$	59.39					$	66.63					$	103.94
NASDAQ Composite Index			$	100.00					$	76.57					$	96.59					$	125.19					$	144.81					$	187.50
S&P U.S. SmallCap Banks Index			$	100.00					$	92.52					$	75.28					$	92.59					$	114.46					$	148.18

The NASDAQ Composite Index measures all NASDAQ domestic and international based common type stocks listed on The NASDAQ Stock Market. The S&P U.S. SmallCap Banks Index includes all major exchange (NYSE, NYSE American and NASDAQ) traded banks under $15 billion in market capitalization in S&P’s coverage universe. There can be no assurance that the Company’s future stock performance will be the same or similar to the historical stock performance shown in the graph above. The Company neither makes nor endorses any predictions as to stock performance.

Item 6. [Reserved]

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

General

This discussion and analysis reflects Kearny Financial Corp.’s consolidated financial statements and other relevant statistical data, and is intended to enhance your understanding of our financial condition and results of operations. You should read the information in this section in conjunction with the business and financial information regarding Kearny Financial Corp. and the audited consolidated financial statements and notes thereto contained in this Annual Report on Form 10-K.

Critical Accounting Policies and Estimates

Our accounting policies are integral to understanding the results reported. We describe them in detail in Note 1 to our audited consolidated financial statements. In preparing the audited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the Consolidated Statements of Financial Condition and revenues and expenses for the periods then ended. Actual results could differ significantly from those estimates. A material estimate that is particularly susceptible to significant changes relates to the determination of the allowance for credit losses.

Allowance for Credit Losses. The determination of our allowance for credit losses on loans (“ACL”) is considered a critical accounting estimate by management because of the high degree of judgment involved in determining qualitative loss factors, the subjectivity of the assumptions used, and the potential for changes in the forecasted economic environment that could result in changes to the amount of the recorded ACL. See Note 1 to our audited consolidated financial statements for a detailed discussion of our accounting policies and methodologies for establishing the ACL.

Management believes the following information may enable investors to better understand the changes in our ACL. Our ACL totaled $45.5 million and $46.2 million at June 30, 2026 and 2025, respectively. The $695,000 decrease in our ACL was largely attributable to net charge-offs of $2.4 million, partially offset by a provision for credit losses of $1.7 million primarily driven by loan growth and an increase in reserves for individually evaluated loans. The quantitative component of our ACL, which is largely based on the national unemployment rate forecast, increased $152,000. The qualitative component of our ACL, which is largely based on management’s judgment of qualitative loss factors, increased $481,000.

Our ACL totaled $45.5 million at June 30, 2026 and the amount allocated to our collectively evaluated multi-family and nonresidential mortgage loans was $29.3 million, of which $20.4 million was attributable to qualitative loss factors. Changes in management’s judgment of qualitative loss factors could result in a significant change to the ACL. As described in Note 1, qualitative loss factors are applied to each portfolio segment with the amounts judgmentally determined by the relative risk to the most severe loss periods identified in the historical loan charge-offs of a peer group of similar-sized regional banks. At June 30, 2026, the weighted average historical loss rate for multi-family and nonresidential mortgages loans during the most severe peer group loss periods was 1.62%.

Management performed a hypothetical sensitivity analysis to understand the impact of a change in a key input on our ACL. At June 30, 2026, if the four-quarter national unemployment rate forecast had been 9% rather than an average of approximately 4.2%, our ACL as a percent of total loans would have increased 56 basis points from 0.77% to 1.33%. This sensitivity analysis includes the impact to both the quantitative and qualitative components of our ACL. Changes in quantitative inputs and qualitative loss factors may not occur in the same direction or magnitude across all segments of our loan portfolio and deterioration in some quantitative inputs and qualitative loss factors may offset improvement in others. This sensitivity analysis does not represent a change to our expectations of the economic environment but provides a hypothetical result to assess the sensitivity of the ACL to a change in a key input. This sensitivity analysis does not incorporate changes to management’s judgment of qualitative loss factors.

Our ACL on individually analyzed loans is determined on an individual basis using the present value of expected cash flows discounted using the loan’s effective interest rate or, for collateral-dependent loans, the fair value of the collateral, less estimated selling costs, as applicable. Our ACL on individually analyzed loans decreased $1.3 million during the year ended June 30, 2026.

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Financial Overview

The following financial information and other data in this section are derived from our audited consolidated financial statements and should be read together therewith:

			At June 30,
			2026						2025						2024
			(In Thousands)
Balance Sheet Data:
Cash and equivalents			$	114,823					$	167,269					$	63,864
Assets			7,682,205						7,740,450						7,683,461
Net loans receivable			5,829,829						5,766,746						5,687,848
Investment securities available for sale			964,369						1,012,969						1,072,833
Investment securities held to maturity			106,814						120,217						135,742
Goodwill			113,525						113,525						113,525
Deposits			5,709,625						5,675,217						5,158,123
Borrowings			1,150,000						1,256,491						1,709,789
Stockholders' equity			766,670						745,962						753,571

			For the Years Ended June 30,
			2026						2025						2024
			(Dollars in Thousands, Except Per Share Amounts)
Summary of Operations:
Interest income			$	324,313					$	324,476					$	328,868
Interest expense			169,030						189,533						186,274
Net interest income			155,283						134,943						142,594
Provision for credit losses			1,698						2,366						6,226
Net interest income after provision for credit losses			153,585						132,577						136,368
Non-interest income			22,825						19,052						(1,993)
Non-interest expenses			129,008						120,630						215,151
Income (loss) before taxes			47,402						30,999						(80,776)
Income tax expense			11,138						4,924						5,891
Net income (loss)			$	36,264					$	26,075					$	(86,667)
Per Share Data:
Net income (loss) per share - Basic			$	0.58					$	0.42					$	(1.39)
Net income (loss) per share - Diluted			$	0.57					$	0.42					$	(1.39)
Weighted average number of common shares outstanding (in thousands):
Basic			62,866						62,508						62,444
Diluted			63,220						62,716						62,444
Cash dividends per share			$	0.44					$	0.44					$	0.44
Dividend payout ratio(1)			77.1		%				106.1		%				(31.9)		%

________________________________________

(1)Represents cash dividends declared divided by net income (loss).

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			At or For the Years Ended June 30,
			2026						2025						2024
Performance Ratios:
Return on average assets (ratio of net income to average total assets)			0.48		%				0.34		%				(1.10)		%
Return on average equity (ratio of net income to average total equity)			4.80		%				3.49		%				(10.51)		%
Return on average tangible equity (ratio of net income to average tangible equity)(1)			5.71		%				4.18		%				(13.64)		%
Net interest rate spread			1.79		%				1.47		%				1.57		%
Net interest margin			2.18		%				1.88		%				1.94		%
Average interest-earning assets to average interest-bearing liabilities			116.50		%				115.21		%				114.73		%
Efficiency ratio(2)			72.43		%				78.33		%				153.02		%
Non-interest expense to average assets			1.70		%				1.58		%				2.73		%
Asset Quality Ratios:
Non-performing loans to total loans			0.82		%				0.78		%				0.70		%
Non-performing assets to total assets			0.70		%				0.59		%				0.52		%
Net charge-offs to average loans outstanding			0.04		%				0.02		%				0.17		%
Allowance for credit losses to total loans			0.77		%				0.79		%				0.78		%
Allowance for credit losses to non-performing loans			94.99		%				101.30		%				112.68		%
Capital Ratios:
Average equity to average assets			9.97		%				9.77		%				10.46		%
Equity to assets at period end			9.98		%				9.64		%				9.81		%
Tangible equity to tangible assets at period end(3)			8.62		%				8.27		%				8.43		%

________________________________________

(1)Average tangible equity equals average total stockholders’ equity reduced by average goodwill and average core deposit intangible assets.

(2)Efficiency ratio equals non-interest expense divided by the sum of net interest income and non-interest income.

(3)Tangible equity equals total stockholders’ equity reduced by goodwill and core deposit intangible assets.

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Comparison of Financial Condition at June 30, 2026 and June 30, 2025

Executive Summary. Total assets decreased by $58.2 million, or 0.8%, to $7.68 billion at June 30, 2026 from $7.74 billion at June 30, 2025. The decrease primarily reflected decreases in cash and cash equivalents and investment securities, partially offset by an increase in net loans receivable.

Investment Securities. Investment securities available for sale decreased by $48.6 million to $964.4 million at June 30, 2026 from $1.01 billion at June 30, 2025. This decrease was largely the result of principal repayments of $322.7 million, partially offset by purchases of $258.3 million and a $15.6 million increase in the fair value of the portfolio.

Investment securities held to maturity decreased by $13.4 million to $106.8 million at June 30, 2026 from $120.2 million at June 30, 2025. The decrease was largely the result of principal repayments of $13.5 million.

Additional information regarding investment securities at June 30, 2026 is presented under “Item 1. Business” of this Annual Report on Form 10-K, as well as in Note 3 to the audited consolidated financial statements.

Loans Held-for-Sale. Loans held-for-sale totaled $6.0 million at June 30, 2026 as compared to $5.9 million at June 30, 2025 and are reported separately from the balance of net loans receivable. Loans held-for-sale consisted of residential mortgage loans in both respective periods. During the year ended June 30, 2026, we sold $128.2 million of residential mortgage loans, resulting in a net gain on sale of $932,000.

Net Loans Receivable. Net loans receivable increased by $63.1 million, or 1.1%, to $5.83 billion at June 30, 2026 from $5.77 billion at June 30, 2025. The increase reflected growth across several lending categories, including commercial and industrial loans and construction loans, partially offset by a decline in multi-family mortgage loans resulting primarily from repayments and payoffs. The resulting shift in portfolio composition is consistent with our ongoing loan portfolio remix strategy and focus on expanding commercial banking relationships. Detail regarding the change in the loan portfolio is presented below:

			June 30, 2026						June 30, 2025						Increase/ (Decrease)
			(In Thousands)
Commercial loans:
Multi-family mortgage			$	2,499,894					$	2,709,654					$	(209,760)
Nonresidential mortgage			1,019,445						986,556						32,889
Commercial and industrial			223,927						138,755						85,172
Construction			263,200						177,713						85,487
Total commercial loans			4,006,466						4,012,678						(6,212)
One- to four-family residential mortgage			1,789,865						1,748,591						41,274
Consumer loans:
Home equity loans			79,844						50,737						29,107
Other consumer			2,387						2,533						(146)
Total consumer loans			82,231						53,270						28,961
Total loans			5,878,562						5,814,539						64,023
Unaccreted yield adjustments			(3,237)						(1,602)						(1,635)
Allowance for credit losses			(45,496)						(46,191)						695
Net loans receivable			$	5,829,829					$	5,766,746					$	63,083

Commercial loan origination volume for the year ended June 30, 2026 totaled $439.7 million, consisting of $166.2 million of commercial mortgage loan originations, $118.5 million of commercial and industrial loan originations and $155.1 million of construction loan disbursements. Purchases of commercial business loans totaled $93.8 million for the same period.

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One- to four-family residential mortgage loan origination volume, excluding loans held-for-sale, totaled $154.0 million for the year ended June 30, 2026 and was supplemented with loan purchases totaling $65.6 million. Home equity loan and line of credit origination volume for the same period totaled $43.5 million.

Additional information about our loans at June 30, 2026 is presented under “Item 1. Business” of this Annual Report on Form 10-K, as well as in Note 4 to the audited consolidated financial statements.

Nonperforming Assets. Nonperforming assets increased $7.8 million to $53.4 million, or 0.70% of total assets, at June 30, 2026 from $45.6 million, or 0.59% of total assets, at June 30, 2025. The increase in nonperforming assets was largely attributable to two foreclosed properties with an aggregate carrying value of $5.5 million that were transferred into other real estate owned. The remaining change was primarily attributable to an increase in nonperforming multi-family mortgage loans, partially offset by a decrease in nonperforming residential mortgage loans.

Additional information about nonperforming loans and reportable loan modifications at June 30, 2026 is presented under “Item 1. Business” of this Annual Report on Form 10-K, as well as in Note 4 to the audited consolidated financial statements.

Allowance for Credit Losses. At June 30, 2026, the ACL totaled $45.5 million, or 0.77% of total loans, reflecting a decrease of $695,000 from $46.2 million, or 0.79% of total loans, at June 30, 2025. The decrease was largely attributable to net charge-offs of $2.4 million, partially offset by a provision for credit losses of $1.7 million.

Additional information about the allowance for credit losses at June 30, 2026 is presented under “Item 1. Business” of this Annual Report on Form 10-K, as well as in Note 1 and Note 5 to the audited consolidated financial statements.

Other Assets. The aggregate balance of other assets, including premises and equipment, FHLB stock, interest receivable, goodwill, core deposit intangibles, bank owned life insurance, deferred income taxes, OREO and other assets, decreased by $7.0 million to $660.3 million at June 30, 2026 from $667.3 million at June 30, 2025. The decrease in other assets largely reflected a decrease in the market value of interest rate derivatives and a decrease in FHLB stock, partially offset by an increase in BOLI and the transfer of two foreclosed properties to other real estate owned. The remaining change generally reflected normal operating fluctuations within these line items.

Deposits. Total deposits increased by $34.4 million, or 0.6%, to $5.71 billion at June 30, 2026 from $5.68 billion at June 30, 2025. Included in total deposits are brokered certificates of deposits (“CDs”) of $757.2 million and $757.7 million at June 30, 2026 and 2025, respectively. The increase was driven by growth in deposits from our branch network and digital channels. Deposit balances at June 30, 2026 reflect a migration of $239.9 million from a consumer interest bearing product to a non-interest bearing product as part of the Company’s repricing strategy. The following table sets forth the distribution of, and changes in, deposits, by type, at the dates indicated:

			June 30, 2026						June 30, 2025						Increase/ (Decrease)
			(In Thousands)
Non-interest-bearing deposits			$	788,015					$	582,045					$	205,970
Interest-bearing deposits:
Interest-bearing demand			2,214,432						2,362,222						(147,790)
Savings			766,502						754,376						12,126
Certificates of deposit (retail)			1,183,427						1,218,920						(35,493)
Certificates of deposit (brokered)			757,249						757,654						(405)
Interest-bearing deposits			4,921,610						5,093,172						(171,562)
Total deposits			$	5,709,625					$	5,675,217					$	34,408

Uninsured deposits totaled $2.25 billion as of June 30, 2026, compared to $1.99 billion as of June 30, 2025. Excluding collateralized deposits of state and local governments, and deposits of the Bank’s wholly-owned subsidiary and holding company, uninsured deposits totaled $851.0 million, or 14.9% of total deposits, at June 30, 2026 compared to $813.8 million, or 14.3% of total deposits, at June 30, 2025.

Additional information about our deposits at June 30, 2026 is presented under “Item 1. Business” of this Annual Report on Form 10-K, as well as in Note 9 to the audited consolidated financial statements.

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Borrowings. The balance of borrowings decreased by $106.5 million, or 8.5%, to $1.15 billion at June 30, 2026 from $1.26 billion at June 30, 2025 which included overnight borrowings totaling $200.0 million and $150.0 million at June 30, 2026 and 2025, respectively. The decrease was primarily driven by a net decrease in FHLB and other borrowings.

Additional information about our borrowings at June 30, 2026 is presented under “Item 1. Business” of this Annual Report on Form 10-K, as well as in Note 10 to the audited consolidated financial statements.

Other Liabilities. The balance of other liabilities, including advance payments by borrowers for taxes and other miscellaneous liabilities, decreased by $6.9 million to $55.9 million at June 30, 2026 from $62.8 million at June 30, 2025. The change in the balance of other liabilities generally reflected normal operating fluctuations within these line items.

Stockholders’ Equity. Stockholders’ equity increased by $20.7 million to $766.7 million at June 30, 2026 from $746.0 million at June 30, 2025. The increase in stockholders’ equity during the year ended June 30, 2026 largely reflected net income of $36.3 million and $9.1 million in after-tax other comprehensive income, partially offset by $28.0 million in cash dividends. Other comprehensive income during the year ended June 30, 2026 was driven by an increase in the fair value of our available for sale securities, partially offset by a decrease in the fair value of our derivatives portfolio.

Book value per share increased by $0.29 to $11.84 at June 30, 2026 while tangible book value per share increased by $0.30 to $10.07 at June 30, 2026. These increases were driven by the increase in stockholders’ equity, as described above.

Comparison of Operating Results for the Years Ended June 30, 2026 and June 30, 2025

Net Income. Net income for the year ended June 30, 2026 was $36.3 million, or $0.57 per diluted share, an increase of $10.2 million from net income of $26.1 million, or $0.42 per diluted share, for the year ended June 30, 2025. The increase in net income reflected increases in net interest income and non-interest income, partially offset by increases in non-interest expense and income taxes.

Net Interest Income. Net interest income increased by $20.3 million to $155.3 million for the year ended June 30, 2026. The increase between the comparative periods resulted from a decrease of $20.5 million in interest expense, partially offset by a decrease of $163,000 in interest income. Included in net interest income for the years ended June 30, 2026 and 2025, respectively, was purchase accounting accretion of $2.2 million and $2.4 million and loan prepayment penalty income of $2.1 million and $783,000.

Net interest margin increased 30 basis points to 2.18% for the year ended June 30, 2026, from 1.88% for the year ended June 30, 2025. The increase reflected higher loan yields and balances and lower costs on interest-bearing liabilities, partially offset by lower yields and balances on investment securities and other interest-earning assets.

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Details surrounding the composition of, and changes to, net interest income are presented in the table below which reflects the components of the average balance sheet and of net interest income for the periods indicated. We derived the average yields and costs by dividing income or expense by the average balance of assets or liabilities, respectively, for the years presented with daily balances used to derive average balances. No tax equivalent adjustments have been made to yield or costs. Non-accrual loans were included in the calculation of average balances, however interest receivable on these loans has been fully reserved for and therefore not included in interest income. The yields and costs set forth below include the effect of deferred fees, discounts and premiums that are amortized or accreted to interest income or expense.

			For the Years Ended June 30,
			2026																		2025																		2024
			Average Balance						Interest						Average Yield/ Cost						Average Balance						Interest						Average Yield/ Cost						Average Balance						Interest						Average Yield/ Cost
			(Dollars in Thousands)
Interest-earning assets:
Loans receivable (1)			$	5,806,182					$	271,445					4.68		%				$	5,789,583					$	262,992					4.54		%				$	5,752,496					$	256,007					4.45		%
Taxable investment securities(2)			1,200,665						46,976						3.91						1,270,262						53,247						4.19						1,438,200						63,313						4.40
Tax-exempt securities (2)			5,800						139						2.39						9,791						234						2.39						14,718						336						2.28
Other interest-earning assets(3)			113,880						5,753						5.05						119,224						8,003						6.71						131,019						9,212						7.03
Total interest-earning assets			7,126,527						324,313						4.55						7,188,860						324,476						4.51						7,336,433						328,868						4.48
Non-interest-earning assets			455,386																		459,986																		541,859
Total assets			$	7,581,913																	$	7,648,846																	$	7,878,292
Interest-bearing liabilities:
Interest-bearing demand			$	2,334,641					$	58,220					2.49						$	2,335,972					$	66,835					2.86						$	2,308,893					$	67,183					2.91
Savings			758,820						10,248						1.35						721,115						9,011						1.25						662,981						3,293						0.50
Certificates of deposit (retail)			1,196,452						40,056						3.35						1,213,015						46,888						3.87						1,278,535						41,762						3.27
Certificates of deposit (brokered)			735,180						20,137						2.74						689,011						17,524						2.54						500,147						10,176						2.03
Total interest-bearing deposits			5,025,093						128,661						2.56						4,959,113						140,258						2.83						4,750,556						122,414						2.58
FHLB advances			990,612						36,402						3.67						1,131,662						42,014						3.71						1,458,941						53,948						3.70
Other borrowings			101,712						3,967						3.90						149,041						7,261						4.87						184,768						9,912						5.36
Total borrowings			1,092,324						40,369						3.70						1,280,703						49,275						3.85						1,643,709						63,860						3.89
Total interest-bearing liabilities			6,117,417						169,030						2.76						6,239,816						189,533						3.04						6,394,265						186,274						2.91
Non-interest-bearing liabilities(4)			708,958																		662,028																		659,710
Total liabilities			6,826,375																		6,901,844																		7,053,975
Stockholders' equity			755,538																		747,002																		824,317
Total liabilities and stockholders' equity			$	7,581,913																	$	7,648,846																	$	7,878,292
Net interest income									$	155,283																	$	134,943																	$	142,594
Interest rate spread(5)															1.79		%																1.47		%																1.57		%
Net interest margin(6)															2.18		%																1.88		%																1.94		%
Ratio of interest-earning assets to interest-bearing liabilities			1.16																		1.15																		1.15

________________________________________

(1)Loans held-for-sale and non-accruing loans have been included in loans receivable and the effect of such inclusion was not material. Allowance for credit losses has been included in non-interest-earning assets.

(2)Fair value adjustments have been excluded in the balances of interest-earning assets.

(3)Includes interest-bearing deposits at other banks and FHLB of New York capital stock.

(4)Includes average balances of non-interest-bearing deposits of $649.3 million, $597.2 million and $595.3 million for the years ended June 30, 2026, 2025 and 2024, respectively.

(5)Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.

(6)Net interest margin represents net interest income as a percentage of average interest-earning assets.

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The following table reflects the dollar amount of changes in interest income and interest expense to changes in volume and in prevailing interest rates during the years indicated. Each category reflects the: (1) changes in volume (changes in volume multiplied by old rate); (2) changes in rate (changes in rate multiplied by old volume); and (3) net change. The net change attributable to the combined impact of volume and rate has been allocated proportionally to the absolute dollar amounts of change in each.

			Year Ended June 30, 2026 versus Year Ended June 30, 2025																		Year Ended June 30, 2025 versus Year Ended June 30, 2024
			Increase (Decrease) Due to																		Increase (Decrease) Due to
			Volume						Rate						Net						Volume						Rate						Net
			(In Thousands)
Interest and dividend income
Loans receivable			$	719					$	7,732					$	8,451					$	1,688					$	5,297					$	6,985
Taxable investment securities			(2,825)						(3,445)						(6,270)						(7,145)						(2,921)						(10,066)
Tax-exempt securities			(95)						—						(95)						(117)						15						(102)
Other interest-earning assets			(345)						(1,905)						(2,250)						(803)						(406)						(1,209)
Total interest-earning assets			(2,546)						2,382						(164)						(6,377)						1,985						(4,392)
Interest expense:
Interest-bearing demand			(38)						(8,578)						(8,616)						795						(1,143)						(348)
Savings			489						748						1,237						316						5,402						5,718
Certificates of deposit			990						(5,209)						(4,219)						3,756						8,718						12,474
Borrowings			(7,041)						(1,865)						(8,906)						(13,936)						(649)						(14,585)
Total interest-bearing liabilities			(5,600)						(14,904)						(20,504)						(9,069)						12,328						3,259
Change in net interest income			$	3,054					$	17,286					$	20,340					$	2,692					$	(10,343)					$	(7,651)

Provision for Credit Losses. The provision for credit losses decreased by $668,000 to $1.7 million for the year ended June 30, 2026, compared to $2.4 million for the year ended June 30, 2025. The provision for credit losses for the year ended June 30, 2026 was largely attributable to loan growth and increased reserves on individually evaluated loans. The provision for credit losses for the year ended June 30, 2025 was largely attributable to charge-offs, loan growth, and increased reserves on individually evaluated loans.

Additional information regarding the allowance for credit losses and the associated provision recognized during the year ended June 30, 2026 is presented under “Item 1, Business” on this Annual Report on Form 10-K as well as in Note 1 and Note 5 to the audited consolidated financial statements.

Non-Interest Income. Non-interest income increased $3.8 million to $22.8 million for the year ended June 30, 2026, compared to $19.1 million for the year ended June 30, 2025, primarily driven by $1.8 million in non-recurring pre-tax gains on the sale of properties held for sale in the current period, and increases in loan- and branch-related fees and charges.

Fees and service charges increased $1.7 million to $4.2 million for the year ended June 30, 2026, compared to $2.5 million for the year ended June 30, 2025, primarily reflecting $932,000 of higher deposit and branch related fee income, and higher loan related fee income of $752,000.

Other income increased $1.9 million to $5.2 million for the year ended June 30, 2026, compared to $3.4 million for the year ended June 30, 2025, primarily driven by non-recurring pre-tax gains of $1.8 million, as discussed above.

The remaining changes in the other components of non-interest income between comparative periods generally reflected normal operating fluctuations within those line items.

Non-Interest Expense. Non-interest expense increased by $8.4 million to $129.0 million for the year ended June 30, 2026 from $120.6 million for the year ended June 30, 2025, primarily driven by higher salary and benefits expense and other expense.

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Salaries and employee benefits expense increased by $5.9 million to $76.7 million for the year ended June 30, 2026. This increase was primarily driven by higher salary expense and payroll taxes from annual merit increases, higher incentive compensation, non-recurring severance charges of $950,000 recorded in the current period, and the absence of a $427,000 non-recurring decrease in stock-based compensation recorded in the prior year period.

Net occupancy expense of premises increased by $796,000 to $12.3 million for the year ended June 30, 2026. This increase was primarily driven by a non-recurring pre-tax expense of $250,000 associated with the consolidation of three branches, non-recurring branch maintenance expenses of $102,000, and higher snow removal expenses of $223,000.

Equipment and systems expense increased $104,000 to $15.8 million for the year ended June 30, 2026. This increase was largely attributable to increases in technology expense associated with the Company’s ongoing digital banking initiatives.

Advertising and marketing expense increased $508,000 to $2.4 million for the year ended June 30, 2026. This increase primarily reflects normal fluctuations in the timing of campaigns across various advertising formats supporting our loan and deposit growth initiatives.

FDIC insurance premiums decreased $591,000 to $5.3 million for the year ended June 30, 2026, primarily driven by higher capital ratios.

Other non-interest expense increased $1.8 million to $15.2 million for the year ended June 30, 2026, primarily driven by $242,000 in non-recurring professional fees incurred in the current period associated with our strategic initiative and partnership with The Lab Consulting, and higher professional fees, loan related expenses and $264,000 in non-recurring other real estate owned acquisition-related expenses.

The remaining changes in the other components of non-interest expense between comparative periods generally reflected normal operating fluctuations within those line items.

Provision for Income Taxes. Provision for income taxes increased by $6.2 million to $11.1 million for the year ended June 30, 2026, from $4.9 million for the year ended June 30, 2025. The increase in income tax expense was primarily driven by higher pre-tax income in the current period and the establishment of a valuation allowance of $1.6 million against a deferred tax asset related to certain legacy stock-based compensation awards.

Comparison of Operating Results for the Years Ended June 30, 2025 and June 30, 2024

A comparison of our operating results for the years ended June 30, 2025 and June 30, 2024 can be found in our Annual Report on Form 10-K for the year ended June 30, 2025, filed with the SEC on August 21, 2025.

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Liquidity and Commitments

Liquidity, represented by cash and cash equivalents, is a product of operating, investing and financing activities. Our primary sources of funds are deposits, borrowings, cash flows from investment securities and loans receivable and funds provided from operations. While scheduled payments from the amortization and maturity of loans and investment securities are relatively predictable sources of funds, general interest rates, economic conditions and competition greatly influence deposit flows and prepayments on loans and securities.

Liquidity, at June 30, 2026, included $114.8 million of short-term cash and equivalents and $964.4 million of investment securities available for sale which can readily be sold or pledged as collateral, if necessary. In addition, we have the capacity to borrow additional funds from the FHLB, FRB or via unsecured overnight borrowings. As of June 30, 2026, we had the capacity to borrow additional funds totaling $351.6 million and $1.30 billion from the FHLB and FRB, respectively, without pledging additional collateral. We had the ability to pledge additional securities to borrow an additional $702.5 million at June 30, 2026. As of that same date, we also had access to unsecured overnight borrowings with other financial institutions totaling $835.0 million, of which none was outstanding.

Deposits increased $34.4 million to $5.71 billion at June 30, 2026 from $5.68 billion at June 30, 2025. The increase in deposit balances reflected a $171.6 million decrease in interest-bearing deposits, partially offset by a $206.0 million increase in non-interest-bearing deposits. Borrowings from the FHLB and other sources are generally available to supplement our liquidity position or to replace maturing deposits. As of June 30, 2026, our outstanding balance of FHLB advances, excluding fair value adjustments, totaled $950 million. As of the same date, we had $200.0 million outstanding via our overnight line of credit with the FHLB.

The following table sets forth information concerning balances and interest rates on our short-term borrowings at and for the periods shown:

			At or For the Years Ended June 30,
			2026						2025						2024
			(Dollars in Thousands)
Balance at end of year			$	950,000					$	1,050,000					$	1,400,000
Average balance during year			$	889,904					$	1,024,959					$	1,314,686
Maximum outstanding at any month end			$	1,165,000					$	1,425,000					$	1,490,000
Weighted average interest rate at end of year			3.84		%				4.46		%				5.47		%
Weighted average interest rate during year			4.06		%				4.88		%				5.52		%

The following table discloses our contractual obligations and commitments as of June 30, 2026:

			June 30, 2026
			Less than One Year						One to Three Years						Over Three Years to Five Years						Over Five Years						Total
			(In Thousands)
Contractual obligations
Operating lease obligations			$	3,443					$	4,620					$	2,430					$	1,160					$	11,653
Certificates of deposit			1,874,214						44,945						21,517						—						1,940,676
Federal Home Loan Bank Advances			750,000						200,000						—						—						950,000
Total contractual obligations			$	2,627,657					$	249,565					$	23,947					$	1,160					$	2,902,329
Commitments
Undisbursed funds from approved lines of credit(1)			$	83,644					$	24,517					$	4,501					$	96,689					$	209,351
Construction loans in process(1)			35,272						139,069						—						—						174,341
Other commitments to extend credit(1)			105,193						—						—						—						105,193
Total commitments			$	224,109					$	163,586					$	4,501					$	96,689					$	488,885

________________________________________

(1)Represents amounts committed to customers.

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In addition to the loan commitments noted above, the pipeline of loans held for sale included $19.1 million of in process loans whose terms included interest rate locks to borrowers that were paired with a best-efforts commitment to sell the loan to a buyer at a fixed price and within a predetermined timeframe after the sale commitment is established.

In addition to the commitments noted above, we are party to standby letters of credit totaling approximately $138,000 at June 30, 2026 through which we guarantee certain specific business obligations of our commercial customers.

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee by the customer. Our exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual notional amount of those instruments. We use the same credit policies in making commitments and conditional obligations as we do for on-balance-sheet instruments. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.

At June 30, 2026, outstanding loan commitments relating to loans held in portfolio totaled $489.0 million compared to $319.1 million at June 30, 2025. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. For additional information regarding our outstanding lending commitments at June 30, 2026, see Note 16 to the audited consolidated financial statements.

Capital

Consistent with our goals to operate as a sound and profitable financial organization, Kearny Financial and Kearny Bank actively seek to maintain our well capitalized status in accordance with regulatory standards. As of June 30, 2026, Kearny Financial and Kearny Bank exceeded all capital requirements of the federal banking regulators and were considered well capitalized.

The following table presents information regarding the Bank’s regulatory capital levels at June 30, 2026:

			June 30, 2026
			Actual												For Capital Adequacy Purposes												To Be Well Capitalized Under Prompt Corrective Action Provisions
			Amount						Ratio						Amount						Ratio						Amount						Ratio
			(Dollars in Thousands)
Total capital (to risk-weighted assets)			$	716,311					14.38		%				$	398,556					8.00		%				$	498,196					10.00		%
Tier 1 capital (to risk-weighted assets)			$	669,370					13.44		%				$	298,917					6.00		%				$	398,556					8.00		%
Common equity tier 1 capital (to risk-weighted assets)			$	669,370					13.44		%				$	224,188					4.50		%				$	323,827					6.50		%
Tier 1 capital (to adjusted total assets)			$	669,370					8.83		%				$	303,109					4.00		%				$	378,886					5.00		%

The following table presents information regarding the consolidated Company’s regulatory capital levels at June 30, 2026:

			June 30, 2026
			Actual												For Capital Adequacy Purposes
			Amount						Ratio						Amount						Ratio
			(Dollars in Thousands)
Total capital (to risk-weighted assets)			$	761,657					15.27		%				$	398,916					8.00		%
Tier 1 capital (to risk-weighted assets)			$	714,716					14.33		%				$	299,187					6.00		%
Common equity tier 1 capital (to risk-weighted assets)			$	714,716					14.33		%				$	224,390					4.50		%
Tier 1 capital (to adjusted total assets)			$	714,716					9.41		%				$	303,751					4.00		%

For additional information regarding regulatory capital at June 30, 2026, see Note 14 to the audited consolidated financial statements.

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Recent Accounting Pronouncements

For a discussion of the expected impact of recently issued accounting pronouncements that have yet to be adopted by us, please refer to Note 2 to the audited consolidated financial statements.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Management of Interest Rate Risk and Market Risk

The majority of our assets and liabilities are sensitive to changes in interest rates and as such, interest rate risk is a significant form of market risk that we must manage. Interest rate risk is generally defined in regulatory nomenclature as the risk to earnings or capital arising from the movement of interest rates and arises from several risk factors including re-pricing risk, basis risk, yield curve risk and option risk.

We maintain an Asset/Liability Management (“ALM”) program in order to manage our interest rate risk. The program is overseen by the Board of Directors through its Interest Rate Risk Management Committee, which has assigned the responsibility for the operational aspects of the ALM program to our Asset/Liability Management Committee (“ALCO”), which is comprised of various members of the senior and executive management team.

The quantitative analysis that we conduct measures interest rate risk from both a capital and earnings perspective. With regard to earnings, movements in interest rates and the shape of the yield curve significantly influence the amount of net interest income (“NII”) that we recognize. Movements in market interest rates, and the effect of such movements on the risk factors noted above, significantly influence the spread between the interest earned on our interest-earning assets and the interest paid on our interest-bearing liabilities. Our internal interest rate risk analysis calculates the sensitivity of our projected NII over a one year period utilizing a static balance sheet assumption through which incoming and outgoing asset and liability cash flows are reinvested into similar instruments. Product pricing and earning asset prepayment speeds are appropriately adjusted for each rate scenario.

With regard to capital, our internal interest rate risk analysis calculates the sensitivity of our Economic Value of Equity (“EVE”) to movements in interest rates. EVE represents the present value of the expected cash flows from our assets less the present value of the expected cash flows arising from our liabilities adjusted for the value of off-balance sheet instruments. EVE attempts to quantify our economic value using a discounted cash flow methodology. The degree to which our EVE changes for any hypothetical interest rate scenario from its base case measurement is a reflection of our sensitivity to interest rate risk.

For both earnings and capital at risk our interest rate risk analysis calculates a base case scenario that assumes no change in interest rates. The model then measures changes throughout a series of interest rate scenarios representing immediate and permanent, parallel shifts in the yield curve up and down 100, 200 and 300 basis points with additional scenarios modeled where appropriate. The model requires that interest rates remain positive for all points along the yield curve for each rate scenario which may preclude the modeling of certain falling rate scenarios during periods of lower market interest rates.

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The following tables present the results of our internal EVE and NII analyses as of June 30, 2026 and 2025, respectively:

						June 30, 2026
																		1 to 12 Months												13 to 24 Months
Change in Interest Rates						$ Amount of EVE						% Change in EVE						$ Amount of NII						% Change in NII						$ Amount of NII						% Change in NII
						(Dollars in Thousands)
+300 bps						635,587						(26.07)		%				150,714						(9.87)		%				172,690						(8.19)		%
+200 bps						705,738						(17.91)		%				155,133						(7.23)		%				177,111						(5.84)		%
+100 bps						784,867						(8.70)		%				160,024						(4.31)		%				182,384						(3.03)		%
0 bps						859,697						—						167,225						—						188,091						—
-100 bps						925,174						7.62		%				175,059						4.68		%				193,652						2.96		%
-200 bps						966,194						12.39		%				183,851						9.94		%				195,631						4.01		%
-300 bps						1,008,523						17.31		%				191,437						14.48		%				195,300						3.83		%

						June 30, 2025
																		1 to 12 Months												13 to 24 Months
Change in Interest Rates						$ Amount of EVE						% Change in EVE						$ Amount of NII						% Change in NII						$ Amount of NII						% Change in NII
						(Dollars in Thousands)
+300 bps						404,295						(37.02)		%				147,989						(6.79)		%				161,747						(8.17)		%
+200 bps						475,744						(25.89)		%				150,539						(5.18)		%				165,520						(6.03)		%
+100 bps						555,065						(13.54)		%				153,195						(3.51)		%				169,510						(3.77)		%
0 bps						641,985						—						158,762						—						176,142						—
-100 bps						728,863						13.53		%				162,406						2.30		%				181,671						3.14		%
-200 bps						785,464						22.35		%				165,502						4.25		%				184,695						4.86		%
-300 bps						852,184						32.74		%				168,238						5.97		%				185,248						5.17		%

There are numerous internal and external factors that may contribute to changes in our EVE and its sensitivity. Changes in the composition and allocation of our balance sheet, or utilization of off-balance sheet instruments such as derivatives, can significantly alter the exposure to interest rate risk as quantified by the changes in the EVE sensitivity measures. Changes to certain external factors, most notably changes in the level of market interest rates and overall shape of the yield curve, can also alter the projected cash flows of our interest-earning assets and interest-costing liabilities and the associated present values thereof.

Notwithstanding the rate change scenarios presented in the EVE and NII-based analyses above, future interest rates and their effect on net interest income are not predictable. Computations of prospective effects of hypothetical interest rate changes are based on numerous assumptions, including relative levels of market interest rates, prepayments and deposit run-offs and should not be relied upon as indicative of actual results. Certain shortcomings are inherent in this type of computation. Although certain assets and liabilities may have similar maturities or periods of re-pricing, they may react at different times and in different degrees to changes in market interest rates. The interest rate on certain types of assets and liabilities, such as demand deposits and savings accounts, may fluctuate in advance of changes in market interest rates, while rates on other types of assets and liabilities may lag behind changes in market interest rates. Certain assets, such as adjustable-rate mortgages, generally have features which restrict changes in interest rates on a short-term basis and over the life of the asset. In the event of a change in interest rates, prepayments and early withdrawal levels could deviate significantly from those assumed in the analyses set forth above. Additionally, an increase in credit risk may result as the ability of borrowers to service their debt may decrease in the event of an interest rate increase.

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Item 8. Financial Statements and Supplementary Data

The Company’s consolidated financial statements are contained in this Annual Report on Form 10-K immediately following Item 16.

Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure

Not applicable.

Item 9A. Controls and Procedures

(a)Disclosure Controls and Procedures

Based on their evaluation of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)), the Company’s principal executive officer and principal financial officer have concluded that as of the end of the period covered by this Annual Report on Form 10-K such disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms and is accumulated and communicated to the Company’s management, including the principal executive and principal financial officer, as appropriate to allow timely decisions regarding required disclosures.

(b)Internal Control over Financial Reporting

1.Management’s Annual Report on Internal Control Over Financial Reporting.

Management’s report on the Company’s internal control over financial reporting appears in the Company’s consolidated financial statements that are contained in this Annual Report on Form 10-K immediately following Item 16. Such report is incorporated herein by reference.

2.Report of Independent Registered Public Accounting Firm.

The report of Crowe LLP, an independent registered public accounting firm, on the Company’s internal control over financial reporting appears in the Company’s consolidated financial statements that are contained in this Annual Report on Form 10-K immediately following Item 16. Such report is incorporated herein by reference.

3.Changes in Internal Control Over Financial Reporting.

During the last quarter of the year under report, there was no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

Item 9B. Other Information

Rule 10b5-1 Trading Plans

During the fiscal quarter ended June 30, 2026, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable.

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PART III

Item 10. Directors, Executive Officers and Corporate Governance

The information that appears under the headings included under “Proposal I – Election of Directors” and “Corporate Governance Matters” in the Registrant’s definitive proxy statement for the Registrant’s 2026 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission within 120 days of the Registrant’s fiscal year end (the “Proxy Statement”) is incorporated herein by reference.

The Company has adopted a code of ethics that applies to its principal executive officer and principal financial and accounting officer. A copy of the code of ethics (referred to as Conflicts of Interest & Code of Conduct) is available on our website at www.kearnybank.com under the “Investors Relations” link, then within the “Governance” drop down and under the link “Governance Documents” or without charge upon request to the Corporate Secretary, Kearny Financial Corp., 120 Passaic Avenue, Fairfield, New Jersey 07004.

Item 11. Executive Compensation

The information that appears under the headings “Executive Compensation,” “Director Compensation” and “Compensation Discussion and Analysis” in the Proxy Statement is incorporated herein by reference.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

(a)Security Ownership of Certain Beneficial Owners. Information required by this item is incorporated herein by reference to the section captioned “Security Ownership of Certain Beneficial Owners and Management” in the Proxy Statement.

(b)Security Ownership of Management. Information required by this item is incorporated herein by reference to the section captioned “Proposal I – Election of Directors” in the Proxy Statement.

(c)Changes in Control. Management of the Company knows of no arrangements, including any pledge by any person of securities of the Company, the operation of which may at a subsequent date result in a change in control of the registrant.

(d)Securities Authorized for Issuance Under Equity Compensation Plans. Set forth below is information as of June 30, 2026 with respect to compensation plans under which equity securities of the Registrant are authorized for issuance.

			(A) Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights(1)						(B) Weighted Average Exercise Price of Outstanding Options, Warrants and Rights						(C) Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans - Excluding Securities Reflected in Column (A)(2)
Equity compensation plans approved by stockholders:
2016 Equity Incentive Plan			2,405,000						$	15.11					—
2021 Equity Incentive Plan			916,139						$	—					2,838,342
Equity compensation plans not approved by stockholders:
None			—						$	—					—
Total			3,321,139						$	15.11					2,838,342

________________________________________

(1)The number of securities includes 2,405,000 vested options outstanding as of June 30, 2026. No non-vested options were outstanding as of June 30, 2026. As of the same date, 916,139 restricted stock units were non-vested and are earned at a rate of 33% per year.

(2)As of June 30, 2026, there were 2,838,342 options (or 946,114 restricted stock units or restricted stock awards) remaining available for award under the approved equity compensation plans.

Item 13. Certain Relationships and Related Transactions and Director Independence

The information that appears under the sections captioned “Corporate Governance Matters – Transactions with Certain Related Persons” and “– Board Independence” in the Proxy Statement is incorporated herein by reference.

Item 14. Principal Accounting Fees and Services

Our independent registered public accounting firm is Crowe LLP, Livingston, NJ, Auditor Firm ID: 173

The information relating to this item is incorporated herein by reference to the information contained under the section captioned “Proposal II – Ratification of Appointment of Independent Auditor” in the Proxy Statement.

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PART IV

Item 15. Exhibits, Financial Statement Schedules

(1)The following financial statements and the independent auditors’ report appear in this Annual Report on Form 10-K immediately after Item 16:

Management Report on Internal Control Over Financial Reporting			F-1
Report of Independent Registered Public Accounting Firm			F-2
Consolidated Statements of Financial Condition as of June 30, 2026 and 2025			F-4
Consolidated Statements of Income (Loss) For the Years Ended June 30, 2026, 2025 and 2024			F-5
Consolidated Statements of Comprehensive Income (Loss) For the Years Ended June 30, 2026, 2025 and 2024			F-6
Consolidated Statements of Changes in Stockholders’ Equity for the Years Ended June 30, 2026, 2025 and 2024			F-7
Consolidated Statements of Cash Flows for the Years Ended June 30, 2026, 2025 and 2024			F-9
Notes to Consolidated Financial Statements			F-11

(2)All schedules are omitted because they are not required or applicable, or the required information is shown in the consolidated financial statements or the notes thereto.

(3)The following exhibits are filed as part of this Annual Report on Form 10-K:

3.1			Articles of Incorporation of Kearny Financial Corp. (Incorporated by reference to Kearny Financial Corp.’s Registration Statement on Form S-1 (File No. 333-198602), originally filed on September 5, 2014)
3.2			Amended and Restated Bylaws of Kearny Financial Corp. (Incorporated by reference to Kearny Financial Corp.’s Current Report on Form 8-K (File No. 001-37399), originally filed on August 16, 2023)
4.1			Form of Common Stock Certificate of Kearny Financial Corp. (Incorporated by reference to Kearny Financial Corp.’s Registration Statement on Form S-1 (File No. 333-198602), originally filed on September 5, 2014)
4.2			Description of Capital Stock of Kearny Financial Corp. (Incorporated by reference to Exhibit 4.2 to Kearny Financial Corp.’s Annual Report on Form 10-K (File No. 001-37399), originally filed on August 28, 2020)
10.1			Amended and Restated Employment Agreement between Kearny Bank and Craig Montanaro dated May 18, 2015 (Incorporated by reference to Exhibit 10.1 to Kearny Financial Corp.’s Annual Report on Form 10-K (File No. 001-37399), originally filed on September 14, 2015)†
10.2			Amended and Restated Employment Agreement between Kearny Financial Corp. and Craig Montanaro dated May 18, 2015 (Incorporated by reference to Exhibit 10.2 to Kearny Financial Corp.’s Annual Report on Form 10-K (File No. 001-37399), originally filed on September 14, 2015)†
10.3			Employment Agreement between Kearny Bank and Patrick M. Joyce dated May 18, 2015 (Incorporated by reference to Exhibit 10.4 to Kearny Financial Corp.’s Annual Report on Form 10-K (File No. 001-37399), originally filed on September 14, 2015)†
10.4			Employment Agreement between Kearny Bank and Keith Suchodolski dated June 15, 2022 (Incorporated by reference to Exhibit 10.1 to Kearny Financial Corp.’s Current Report on Form 8-K (File No. 001-37399, originally filed on June 16, 2022)†
10.5			Amendment Number One to Employment Agreement between Kearny Bank and Keith Suchodolski dated July 1, 2024 (Incorporated by reference to Exhibit 10.1 to Kearny Financial Corp.’s Current Report on Form 8-K (File No. 001-37399), originally filed on June 20, 2024)†
10.6			Change in Control Agreement between Kearny Bank and Anthony V. Bilotta, Jr. dated July 1, 2018 (Incorporated by reference to Exhibit 10.9 to Kearny Financial Corp.’s Annual Report on Form 10-K (File No. 001-37399), originally filed on August 28, 2019)†

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10.7			Two Year Change in Control Agreement between Kearny Bank and Sean Byrnes (Incorporated by reference to Exhibit 10.2 to Kearny Financial Corp.’s Current Report on Form 8-K (File No. 001-37399), originally filed on June 20, 2024)†
10.8			Directors Consultation and Retirement Plan as Amended and Restated (Incorporated by reference to Exhibit 10.8 to Kearny Financial Corp.’s Annual Report on Form 10-K (File No. 001-37399), originally filed on September 14, 2015)†
10.9			Amended and Restated Benefit Equalization Plan for Pension Plan (Incorporated by reference to Exhibit 10.9 to Kearny Financial Corp.’s Annual Report on Form 10-K (File No. 001-37399), originally filed on September 14, 2015)†
10.10			Amended and Restated Benefits Equalization Plan Related to the Employee Stock Ownership Plan (Incorporated by reference to Exhibit 10.10 to Kearny Financial Corp.’s Annual Report on Form 10-K (File No. 001-37399), originally filed on September 14, 2015)†
10.11			Kearny Bank Director Life Insurance Agreement (Incorporated by reference to Exhibit 10.1 to Kearny Financial Corp.’s Current Report on Form 8-K (File No. 000-51093), originally filed on August 18, 2005)†
10.12			Form of Amendment to Kearny Bank Director Life Insurance Agreement (Incorporated by reference to Exhibit 10.14 to Kearny Financial Corp.’s Annual Report on Form 10-K (File No. 001-37399), originally filed on September 14, 2015)†
10.13			Kearny Bank Amended and Restated Executive Life Insurance Agreement with Craig Montanaro (Incorporated by reference to Exhibit 10.2 to Kearny Financial Corp.’s Current Report on Form 8-K (File No. 001-37399), originally filed on June 16, 2022)†
10.14			Form of Kearny Bank Executive Life Insurance Agreement with Keith Suchodolski and Patrick M. Joyce (Incorporated by reference to Exhibit 10.2 to Kearny Financial Corp.’s Current Report on Form 8-K (File No. 000-51093), originally filed on August 18, 2005)†
10.15			Form of Amendment to Kearny Bank Executive Life Insurance Agreement with Keith Suchodolski and Patrick M. Joyce (Incorporated by reference to Exhibit 10.16 to Kearny Financial Corp.’s Annual Report on Form 10-K (File No. 001-37399), originally filed on September 14, 2015)†
10.16			Kearny Bank Amended and Restated Change in Control Severance Pay Plan, effective as of April 15, 2026†
10.17			Kearny Bank Amended and Restated Executive Management Incentive Compensation Plan (Incorporated by reference to Exhibit 10.3 to Kearny Financial Corp.’s Current Report on Form 8-K (File No. 001-37399), originally filed on June 20, 2024)†
10.18			Amendment to Freeze Benefit Accruals Under the Kearny Financial Corp. Directors Consultation and Retirement Plan (Incorporated by reference to Exhibit 10.1 to Kearny Financial Corp.’s Current Report on Form 8-K (File No. 001-37399), originally filed on December 23, 2015)†
10.19			Kearny Financial Corp. 2016 Equity Incentive Plan (Incorporated by reference to Appendix A to Kearny Financial Corp’s Proxy Statement (File No. 001-37399), originally filed on September 14, 2016)†
10.20			Supplemental Executive Retirement Plan by and between Kearny Bank and Craig L. Montanaro effective as of July 1, 2021 (Incorporated by reference to Exhibit 10.1 to Kearny Financial Corp.’s Current Report on Form 8-K (File No. 001-37399), originally filed on June 21, 2021)†
10.21			Amendment to Freeze the Benefit Under the Supplemental Executive Retirement Plan by and between Kearny Bank and Craig L. Montanaro effective as of December 21, 2022 (Incorporated by reference to Exhibit 10.1 to Kearny Financial Corp.’s Current Report on Form 8-K (File No. 001-37399), originally filed on December 22, 2022)†
10.22			Amendment to the Supplemental Executive Retirement Plan by and between Kearny Bank and Craig L. Montanaro effective as of July 1, 2025 (Incorporated by reference to Exhibit 10.1 to Kearny Financial Corp.’s Current Report on Form 8-K (File No. 001-37399), originally filed on June 18, 2025) †
10.23			Kearny Financial Corp. 2021 Equity Incentive Plan (Incorporated by reference to Appendix A to Kearny Financial Corp’s Proxy Statement (File No. 001-37399), originally filed on September 17, 2021)†

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19.1			Kearny Financial Corp. Policy Regarding Insider Trading (Incorporated by reference to Exhibit 19.1 to Kearny Financial Corp’s Annual Report on Form 10-K (File No. 001-37399), originally filed on August 23, 2024)
21			Subsidiaries of Registrant
23.1			Consent of Crowe LLP
31.1			Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2			Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1			Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2			Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
97.1			Kearny Financial Corp. Clawback Policy (Incorporated by reference to Exhibit 97.1 to Kearny Financial Corp’s Annual Report on Form 10-K (File No. 001-37399), originally filed on August 23, 2024)
101			The following materials from the Company’s Annual Report to Stockholders on Form 10-K for the year ended June 30, 2026, formatted in Inline XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Financial Condition, (ii) the Consolidated Statements of Operations; (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Stockholder’s Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements.
101.INS			Inline XBRL Instance Document (The instance document does not appear in the Interactive Data File because its XBRL tags are embedded with the Inline XBRL document)
101.SCH			Inline XBRL Taxonomy Extension Schema Document
101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB			Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase Document
104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

________________________________________

†    Management contract or compensatory plan or arrangement required to be filed as an exhibit.

Item 16. Form 10-K Summary

Not applicable.

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August 21, 2026

Management Report on Internal Control over Financial Reporting

The management of Kearny Financial Corp. and Subsidiaries (collectively the “Company”) is responsible for establishing and maintaining adequate internal control over financial reporting. The Company’s internal control system is a process designed to provide reasonable assurance to the management and board of directors regarding the preparation and fair presentation of published consolidated financial statements.

The Company’s internal control over financial reporting includes policies and procedures that pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of assets; provide reasonable assurances that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with U.S. generally accepted accounting principles and that receipts and expenditures are being made only in accordance with authorizations of management and the directors of the Company; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on our consolidated financial statements.

All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to consolidated financial statement preparation and presentation. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The Company’s management assessed the effectiveness of internal control over financial reporting as of June 30, 2026. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control-Integrated Framework (2013). Based on its assessment, management believes that, as of June 30, 2026, the Company’s internal control over financial reporting is effective based on those criteria.

The Company’s independent registered public accounting firm that audited the consolidated financial statements has issued an audit report on the effectiveness of the Company’s internal control over financial reporting as of June 30, 2026, a copy of which is included in this annual report.

/s/ Craig L. Montanaro						/s/ Sean Byrnes
Craig L. Montanaro						Sean Byrnes
President and Chief Executive Officer						Executive Vice President and Chief Financial Officer

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Report of Independent Registered Public Accounting Firm

Shareholders and the Board of Directors of

Kearny Financial Corp. and Subsidiaries

Fairfield, New Jersey

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated statements of financial condition of Kearny Financial Corp. and Subsidiaries (the "Company") as of June 30, 2026 and 2025, the related consolidated statements of income (loss), comprehensive income (loss), changes in stockholders’ equity, and cash flows for each of the years in the three-year period ended June 30, 2026, and the related notes (collectively referred to as the "financial statements"). We also have audited the Company’s internal control over financial reporting as of June 30, 2026, based on criteria established in Internal Control – Integrated Framework: (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of June 30, 2026 and 2025, and the results of its operations and its cash flows for each of the years in the three-year period ended June 30, 2026 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of June 30, 2026, based on criteria established in Internal Control – Integrated Framework: (2013) issued by COSO.

Basis for Opinions

The Company’s management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s financial statements and an opinion on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

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Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Allowance for Credit Losses – Qualitative Factors: As described in Note 1 to the consolidated financial statements, the Company accounts for credit losses under ASC 326, Financial Instruments – Credit Losses. ASC 326 requires the measurement of expected lifetime credit losses for financial assets measured at amortized cost at the reporting date. As of June 30, 2026, the balance of the allowance for credit losses on loans was $45.5 million.

Management employs a process and methodology to estimate the allowance for credit losses (“ACL”) on loans that evaluates both quantitative and qualitative factors. The methodology for evaluating quantitative factors involves pooling loans into portfolio segments for loans that share similar risk characteristics. Pooled loan portfolio segments include multi-family mortgage, nonresidential mortgage, commercial and industrial, construction, one-to-four family residential mortgage, home equity and consumer loans.

For pooled loans, the Company primarily utilizes a discounted cash flow (“DCF”) methodology to estimate credit losses over the expected life of the loan. The DCF methodology combines the probability of default, the loss given default, remaining life of the loan and prepayment and curtailment speed assumptions to estimate a reserve for each loan. The loss rates are adjusted by current and forecasted macroeconomic assumptions and return to the mean after the forecasted periods. These quantitative factors are supplemented by qualitative factors reflecting management’s view of how losses may vary from those represented by quantitative loss rates. Qualitative factors are applied to each portfolio segment with the amounts determined by correlation of credit stress to the maximum loss factors of a peer group’s historical charge-offs. Changes in these assumptions could have a material effect on the Company’s financial results.

We identified auditing the qualitative component of the ACL on pooled loans in the multi-family mortgage, nonresidential mortgage, and one-to-four family residential mortgage loan segments as a critical audit matter because the methodology to determine the estimate of credit losses uses subjective judgments by management and is subject to material variability. Performing audit procedures to evaluate the qualitative factors on the multi-family mortgage, nonresidential mortgage, and one-to-four family residential mortgage loan segments involved a high degree of auditor judgment and required significant effort, including the need to involve more experienced audit personnel including the use of internal specialists.

The primary procedures we performed to address this critical audit matter included:

•Testing the effectiveness of controls over the evaluation of the ACL on pooled loans, including controls addressing:

◦Methodology and accounting policies.

◦Data inputs, judgments and calculations used to determine the qualitative factors.

◦Information technology general controls and application controls.

◦Management’s review of the qualitative factors.

•Substantively testing management’s process, including evaluating their judgments and assumptions, for developing the ACL on loans collectively evaluated for impairment, which included:

◦Evaluation of the appropriateness of the Company’s methodology and accounting policies involved in the application of ASC 326.

◦Testing the mathematical accuracy of the calculation.

◦Testing the completeness and accuracy of data used in the calculation including utilizing internal specialists to assist in testing the accuracy of the underlying peer data used to develop the maximum loss factors.

◦Evaluation of the reasonableness of management’s judgments related to qualitative factors to determine if they are calculated to conform with management’s policies and were consistently applied period over period. Our evaluation considered evidence from internal and external sources and loan portfolio composition and performance.

/s/ Crowe LLP

We have served as the Company’s auditor since 2017.

Livingston, New Jersey

August 21, 2026

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Consolidated Statements of Financial Condition

(In Thousands, Except Share and Per Share Data)

			June 30,
			2026						2025
Assets
Cash and amounts due from depository institutions			$	18,024					$	21,864
Interest-bearing deposits in other banks			96,799						145,405
Cash and cash equivalents			114,823						167,269
Investment securities available for sale (amortized cost of $1,060,864 and $1,125,111,   respectively), net of allowance for credit losses of $0 at June 30, 2026 and June 30, 2025			964,369						1,012,969
Investment securities held to maturity (fair value of $95,005 and $106,712,   respectively), net of allowance for credit losses of $0 at June 30, 2026 and June 30, 2025			106,814						120,217
Loans held-for-sale			6,022						5,931
Loans receivable			5,875,325						5,812,937
Less: allowance for credit losses on loans			(45,496)						(46,191)
Net loans receivable			5,829,829						5,766,746
Premises and equipment			42,359						43,897
Federal Home Loan Bank ("FHLB") of New York stock			59,726						64,261
Accrued interest receivable			27,875						28,098
Goodwill			113,525						113,525
Core deposit intangibles			968						1,436
Bank owned life insurance			314,756						304,717
Deferred income tax assets, net			48,699						55,203
Other real estate owned			5,519						—
Other assets			46,921						56,181
Total assets			$	7,682,205					$	7,740,450
Liabilities and Stockholders' Equity
Liabilities
Deposits:
Non-interest-bearing			$	788,015					$	582,045
Interest-bearing			4,921,610						5,093,172
Total deposits			5,709,625						5,675,217
Borrowings			1,150,000						1,256,491
Advance payments by borrowers for taxes			18,562						19,317
Other liabilities			37,348						43,463
Total liabilities			6,915,535						6,994,488
Stockholders' Equity
Preferred stock, $0.01 par value, 100,000,000 shares authorized; none issued and outstanding			—						—
Common stock, $0.01 par value; 800,000,000 shares authorized; 64,738,125 shares and 64,577,481 shares issued and outstanding, respectively			648						646
Paid-in capital			495,953						494,546
Retained earnings			350,046						341,744
Unearned employee stock ownership plan shares;1,756,107 shares and 1,956,805 shares, respectively			(17,025)						(18,970)
Accumulated other comprehensive loss			(62,952)						(72,004)
Total stockholders' equity			766,670						745,962
Total liabilities and stockholders' equity			$	7,682,205					$	7,740,450

See notes to consolidated financial statements.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Consolidated Statements of Income (Loss)

(In Thousands, Except Per Share Data)

			Years Ended June 30,
			2026						2025						2024
Interest income
Loans			$	271,445					$	262,992					$	256,007
Taxable investment securities			46,976						53,247						63,313
Tax-exempt investment securities			139						234						336
Other interest-earning assets			5,753						8,003						9,212
Total interest income			324,313						324,476						328,868
Interest expense
Deposits			128,661						140,258						122,414
Borrowings			40,369						49,275						63,860
Total interest expense			169,030						189,533						186,274
Net interest income			155,283						134,943						142,594
Provision for credit losses			1,698						2,366						6,226
Net interest income after provision for credit losses			153,585						132,577						136,368
Non-interest income
Fees and service charges			4,175						2,490						2,609
Loss on sale and call of securities			—						—						(18,135)
Gain (loss) on sale of loans			932						806						(282)
Loss on sale of other real estate owned			—						—						(974)
Income from bank owned life insurance			10,751						10,672						9,076
Electronic banking fees and charges			1,738						1,717						2,357
Other income			5,229						3,367						3,356
Total non-interest income			22,825						19,052						(1,993)
Non-interest expense
Salaries and employee benefits			76,747						70,870						69,220
Net occupancy expense of premises			12,320						11,524						11,033
Equipment and systems			15,807						15,703						15,223
Advertising and marketing			2,385						1,877						1,396
Federal deposit insurance premium			5,320						5,911						5,980
Directors' compensation			1,227						1,355						1,506
Goodwill impairment			—						—						97,370
Other expense			15,202						13,390						13,423
Total non-interest expense			129,008						120,630						215,151
Income (loss) before income taxes			47,402						30,999						(80,776)
Income tax expense			11,138						4,924						5,891
Net income (loss)			$	36,264					$	26,075					$	(86,667)
Net income (loss) per common share (EPS)
Basic			$	0.58					$	0.42					$	(1.39)
Diluted			$	0.57					$	0.42					$	(1.39)
Weighted average number of common shares outstanding
Basic			62,866						62,508						62,444
Diluted			63,220						62,716						62,444

See notes to consolidated financial statements.

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Table of Contents

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Loss)

(In Thousands)

			Years Ended June 30,
			2026						2025						2024
Net income (loss)			$	36,264					$	26,075					$	(86,667)
Other comprehensive income (loss), net of tax:
Net unrealized gain on securities available for sale			11,098						13,390						5,254
Net realized loss on sale and call of securities available for sale			—						—						12,876
Fair value adjustments on derivatives			(2,123)						(22,662)						(11,886)
Benefit plan adjustments			77						431						49
Total other comprehensive income (loss)			9,052						(8,841)						6,293
Total comprehensive income (loss)			$	45,316					$	17,234					$	(80,374)

See notes to consolidated financial statements.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Consolidated Statements of Changes in Stockholders’ Equity

(In Thousands, Except Per Share Data)

			Common Stock												Paid-In Capital						Retained Earnings						Unearned ESOP Shares						Accumulated Other Comprehensive Loss						Total
			Shares						Amount
Balance - June 30, 2023			65,864						$	659					$	503,332					$	457,611					$	(22,862)					$	(69,456)					$	869,284
Net loss			—						—						—						(86,667)						—						—						(86,667)
Other comprehensive income, net of income tax			—						—						—						—						—						6,293						6,293
ESOP shares committed to be released (201 shares)			—						—						(535)						—						1,946						—						1,411
Stock repurchases			(1,505)						(15)						(11,225)						—						—						—						(11,240)
Issuance of stock under stock benefit plans			133						1						(1)						—						—						—						—
Stock-based compensation expense			—						—						2,592						—						—						—						2,592
Cancellation of stock issued for restricted stock awards			(58)						(1)						(483)						—						—						—						(484)
Cash dividends declared ($0.44 per common share)			—						—						—						(27,618)						—						—						(27,618)
Balance - June 30, 2024			64,434						$	644					$	493,680					$	343,326					$	(20,916)					$	(63,163)					$	753,571

			Common Stock												Paid-In Capital						Retained Earnings						Unearned ESOP Shares						Accumulated Other Comprehensive Loss						Total
			Shares						Amount
Balance - June 30, 2024			64,434						$	644					$	493,680					$	343,326					$	(20,916)					$	(63,163)					$	753,571
Net Income			—						—						—						26,075						—						—						26,075
Other comprehensive loss, net of income tax			—						—						—						—						—						(8,841)						(8,841)
ESOP shares committed to be released (201 shares)			—						—						(585)						—						1,946						—						1,361
Issuance of stock under stock benefit plans			207						2						(2)						—						—						—						—
Stock-based compensation expense			—						—						1,815						—						—						—						1,815
Cancellation of stock issued for restricted stock awards			(64)						—						(362)						—						—						—						(362)
Cash dividends declared ($0.44 per common share)			—						—						—						(27,657)						—						—						(27,657)
Balance - June 30, 2025			64,577						$	646					$	494,546					$	341,744					$	(18,970)					$	(72,004)					$	745,962

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Consolidated Statements of Changes in Stockholders’ Equity (Continued)

(In Thousands, Except Per Share Data)

			Common Stock												Paid-In Capital						Retained Earnings						Unearned ESOP Shares						Accumulated Other Comprehensive Loss						Total
			Shares						Amount
Balance - June 30, 2025			64,577						$	646					$	494,546					$	341,744					$	(18,970)					$	(72,004)					$	745,962
Net income			—						—						—						36,264						—						—						36,264
Other comprehensive income, net of income tax			—						—						—						—						—						9,052						9,052
ESOP shares committed to be released (201 shares)			—						—						(477)						—						1,945						—						1,468
Issuance of stock under stock benefit plans			238						2						(2)						—						—						—						—
Stock-based compensation expense			—						—						2,310						—						—						—						2,310
Cancellation of stock issued for restricted stock awards			(77)						—						(424)						—						—						—						(424)
Cash dividends declared ($0.44 per common share)			—						—						—						(27,962)						—						—						(27,962)
Balance - June 30, 2026			64,738						$	648					$	495,953					$	350,046					$	(17,025)					$	(62,952)					$	766,670

See notes to consolidated financial statements.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(In Thousands)

			Years Ended June 30,
			2026						2025						2024
Cash Flows from Operating Activities:
Net income (loss)			$	36,264					$	26,075					$	(86,667)
Adjustment to reconcile net income to net cash provided by operating activities:
Goodwill impairment			—						—						97,370
Depreciation and amortization of premises and equipment			3,983						4,386						4,730
Net accretion of yield adjustments			(625)						(1,134)						(2,516)
Deferred income taxes			2,782						(942)						(867)
Realized mark to market gain on hedge			(63)						—						—
Amortization of intangible assets			468						495						526
Net change in benefit plan accrued expense			109						609						69
Provision for credit losses			1,698						2,366						6,226
Loss on sale of other real estate owned			—						—						974
Loans originated for sale			(128,277)						(111,975)						(75,576)
Proceeds from sale of mortgage loans held-for-sale			129,118						112,886						89,603
(Gain) loss on sale of mortgage loans held-for-sale, net			(932)						(806)						282
Realized loss on sale/call of securities available for sale			—						—						18,135
Realized (gain) loss on disposition of premises and equipment			(1,753)						24						(11)
Increase in cash surrender value of bank owned life insurance			(10,751)						(10,449)						(8,826)
ESOP and stock-based compensation expense			3,778						3,176						4,003
Decrease (increase) in interest receivable			223						1,423						(1,388)
Decrease (increase) in other assets			4,527						6,517						(4,938)
(Decrease) increase in interest payable			(1,108)						(4,731)						1,336
(Decrease) increase in other liabilities			(1,706)						(3,149)						1,506
Net Cash Provided by Operating Activities			37,735						24,771						43,971
Cash Flows from Investing Activities:
Purchases of:
Investment securities available for sale			(258,310)						(104,885)						(74,000)
Investment securities held to maturity			(180)						(240)						(300)
Proceeds from:
Repayments/calls/maturities of investment securities available for sale			322,730						183,816						132,981
Repayments/calls/maturities of investment securities held to maturity			13,461						15,640						10,886
Sale of investment securities available for sale			—						—						104,083
Purchase of loans			(173,500)						(730)						(60,341)
Net decrease (increase) in loans receivable			101,055						(66,041)						141,035
Purchase of interest rate caps			(1,274)						(2,729)						(2,065)
Proceeds from sale of other real estate owned			—						—						11,982
Additions to premises and equipment			(2,461)						(3,383)						(1,350)
Proceeds from death benefit of bank owned life insurance			935						3,606						3,478
Net surrender of bank owned life insurance			—						—						299
Proceeds from cash settlement of premises and equipment			3,932						16						—
Purchase of FHLB stock			(52,744)						(54,450)						(68,606)
Redemption of FHLB stock			57,279						70,489						60,040
Net Cash Provided by Investing Activities			10,923						41,109						258,122

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Consolidated Statements of Cash Flows (Continued)

(In Thousands)

			Years Ended June 30,
			2026						2025						2024
Cash Flows from Financing Activities:
Net increase (decrease) in deposits			34,410						517,113						(471,027)
Repayment of term FHLB advances			(3,641,500)						(4,183,500)						(6,197,500)
Proceeds from term FHLB advances			3,485,000						3,855,000						6,450,000
Net increase (decrease) in other short-term borrowings			50,000						(125,000)						(50,000)
Net (decrease) increase in advance payments by borrowers for taxes			(755)						1,908						(929)
Repurchase and cancellation of common stock of Kearny Financial Corp.			—						—						(11,240)
Cancellation of shares repurchased on vesting to pay taxes			(424)						(362)						(484)
Dividends paid			(27,835)						(27,634)						(27,564)
Net Cash (Used in) Provided by Financing Activities			(101,104)						37,525						(308,744)
Net (Decrease) Increase in Cash and Cash Equivalents			(52,446)						103,405						(6,651)
Cash and Cash Equivalents - Beginning			167,269						63,864						70,515
Cash and Cash Equivalents - Ending			$	114,823					$	167,269					$	63,864
Supplemental Disclosures of Cash Flows Information:
Cash paid during the year for:
Income taxes, net of refunds			$	8,957					$	4,062					$	6,634
Interest			$	170,138					$	194,264					$	184,938
Non-cash investing and financing activities:
Transfers from loans receivable to loans held-for-sale			$	—					$	—					$	10,754
Acquisition of other real estate owned in settlement of loans			$	5,519					$	—					$	—

See notes to consolidated financial statements.

F-10

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Table of Contents

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 1 - Summary of Significant Accounting Policies

Basis of Consolidated Financial Statement Presentation

The consolidated financial statements include the accounts of Kearny Financial Corp. (the “Company”), its wholly-owned subsidiary, Kearny Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries, CJB Investment Company, 189-245 Berdan Avenue LLC and Kearny Wealth Management LLC. The Company conducts its business principally through the Bank. Management prepared the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), including the elimination of all significant inter-company accounts and transactions during consolidation.

In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the Consolidated Statements of Financial Condition and revenues and expenses for the periods then ended. Actual results could differ significantly from those estimates.

Business of the Company and Subsidiaries

The Company’s primary business is the ownership and operation of the Bank. The Bank is principally engaged in the business of attracting deposits from the general public and using those deposits, together with other funds, to originate or purchase loans for its portfolio and invest in securities. Loans originated or purchased by the Bank generally include loans collateralized by residential and commercial real estate augmented by secured and unsecured loans to businesses and consumers. The investment securities purchased by the Bank generally include U.S. agency mortgage-backed securities, U.S. government and agency debentures, obligations of state and political subdivisions, corporate bonds, asset-backed securities, collateralized loan obligations and subordinated debt.

At June 30, 2026, the Bank had three wholly-owned subsidiaries, CJB Investment Company, 189-245 Berdan Avenue LLC and Kearny Wealth Management LLC. CJB Investment Company was organized under New Jersey law as a New Jersey Investment Company and remained active through the three-year period ended June 30, 2026. 189-245 Berdan Avenue LLC was formed for the purpose of ownership and operation of commercial real estate. In February 2024, the Bank formed the Kearny Wealth Management LLC subsidiary for the purpose of providing wealth management and insurance brokerage services via a third-party service provider.

Subsequent Events

The Company has evaluated events and transactions occurring subsequent to the statement of financial condition date of June 30, 2026, for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date this document was filed.

On July 22, 2026, the Company declared a quarterly cash dividend of $0.11 per share, payable on August 26, 2026, to stockholders of record as of August 12, 2026.

Cash and Cash Equivalents

Cash and cash equivalents include cash, deposits with other financial institutions with maturities fewer than 90 days, and federal funds sold. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions and borrowings with original maturities fewer than 90 days.

Securities

The Company classifies its investment securities as either available for sale or held to maturity. The Company does not use or maintain a trading account. Investment securities that management has the positive intent and ability to hold to maturity are classified as held to maturity and reported at amortized cost. Investment securities not classified as held to maturity are classified as available for sale and reported at fair value, with unrealized holding gains or losses, net of deferred income taxes, reported in the accumulated other comprehensive income (“OCI”) component of stockholders’ equity.

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Table of Contents

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 1 - Summary of Significant Accounting Policies (continued)

Premiums on callable securities are amortized to the earliest call date whereas discounts on such securities are accreted to the maturity date utilizing the level-yield method. Premiums and discounts on all other securities are generally amortized or accreted to the maturity date utilizing the level-yield method taking into consideration the impact of principal amortization and prepayments, as applicable. Gain or loss on sales of securities is based on the specific identification method.

Pursuant to the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 326, for available for sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more than likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities available for sale that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating by a rating agency, and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of tax. The Company elected the practical expedient of zero loss estimates for securities issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major agencies and have a long history of no credit losses.

Under ASC 326, changes in the allowance for credit losses are recorded as provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an available for sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on available for sale securities totaled $5.5 million and $6.6 million at June 30, 2026 and 2025, respectively, and is excluded from the estimate of expected credit losses.

Management measures expected credit losses on held to maturity securities on a collective basis by major security type. Accrued interest receivable on held to maturity securities totaled $317,000 and $376,000 at June 30, 2026 and 2025, respectively, and is excluded from the estimate of expected credit losses.

Concentration of Risk

Financial instruments which potentially subject the Company and its subsidiaries to concentrations of credit risk consist of cash and cash equivalents, investment securities and loans receivable. Cash and cash equivalents include deposits placed in other financial institutions.

Securities include concentrations of investments backed by U.S. government agencies and U.S. government sponsored enterprises (“GSEs”), including the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Government National Mortgage Association (“Ginnie Mae”).

The Company’s lending activity is primarily concentrated in loans collateralized by real estate in the states of New Jersey and New York. As a result, credit risk is broadly dependent on the real estate market and general economic conditions in these states. Additionally, the Company’s lending policies limit the amount of credit extended to any single borrower and their related interests thereby limiting the concentration of credit risk to any single borrower.

Loans Receivable

Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at unpaid principal balances, net of deferred loan origination fees and costs, purchase discounts and premiums, purchase accounting fair value adjustments and the allowance for credit losses. Interest income is accrued on the unpaid principal balance. Certain direct loan origination costs, net of loan origination fees, are deferred and amortized, using the level-yield method, as an adjustment of yield over the contractual lives of the related loans. Unearned premiums and discounts are amortized or accreted utilizing the level-yield method over the contractual lives of the related loans. Accrued interest receivable on loans totaled $22.0 million and $21.1 million at June 30, 2026 and 2025, respectively, and is excluded from the estimate of expected credit losses.

F-12

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Table of Contents

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 1 - Summary of Significant Accounting Policies (continued)

Loans Held-for-Sale

Loans held-for-sale are carried at the lower of cost or estimated fair value, as determined on an aggregate basis. Net unrealized losses, if any, are recognized in a valuation allowance through a charge to earnings. Premiums and discounts and origination fees and costs on loans held-for-sale are deferred and recognized as a component of the gain or loss on sale. Gains and losses on sales of loans held-for-sale are recognized on settlement dates and are determined by the difference between the sale proceeds and the carrying value of the loans. These transactions are accounted for as sales based on satisfaction of the criteria for such accounting which provide that, as transferor, control over the loans have been surrendered.

Past Due Loans

A loan’s past due status is generally determined based upon its principal and interest (“P&I”) payment delinquency status in conjunction with its past maturity status, where applicable. A loan’s P&I payment delinquency status is based upon the number of calendar days between the date of the earliest P&I payment due and the as of measurement date. A loan’s past maturity status, where applicable, is based upon the number of calendar days between a loan’s contractual maturity date and the as of measurement date. Based upon the larger of these criteria, loans are categorized into the following past due tiers for financial statement reporting and disclosure purposes: Current (including 1-29 days), 30-59 days, 60-89 days and 90 or more days.

Nonaccrual Loans

Loans are generally placed on nonaccrual status when contractual payments become 90 or more days past due or when the Company does not expect to receive all P&I payments owed substantially in accordance with the terms of the loan agreement, regardless of past due status. Loans that become 90 day past due, but are well secured and in the process of collection, may remain on accrual status. Nonaccrual loans are generally returned to accrual status when all payments due are brought current and the Company expects to receive all remaining P&I payments owed substantially in accordance with the terms of the loan agreement.

Payments received in cash on nonaccrual loans, including both the principal and interest portions of those payments, are generally applied to reduce the carrying value of the loan.

Classification of Assets

In compliance with the regulatory guidelines, the Company’s loan review system includes an evaluation process through which certain loans exhibiting adverse credit quality characteristics are classified as Special Mention, Substandard, Doubtful or Loss.

An asset is classified as Substandard if it is inadequately protected by the paying capacity and net worth of the obligor or the collateral pledged, if any. Substandard assets include those characterized by the distinct possibility that the insured institution will sustain some loss if the deficiencies are not corrected. Assets classified as Doubtful have all of the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values. Assets, or portions thereof, classified as Loss are considered uncollectible or of so little value that their continuance as assets is not warranted.

Assets which do not currently expose the Company to a sufficient degree of risk to warrant an adverse classification but have some credit deficiencies or other potential weaknesses are designated as Special Mention by management. Assets designated as Substandard or Doubtful are generally referred to as Classified Assets. Non-classified assets are internally rated within one of four Pass categories or as Watch with the latter denoting a potential deficiency or concern that warrants increased oversight or tracking by management until remediated.

Management generally performs a classification of assets review, including the regulatory classification of assets, on an ongoing basis. The results of the classification of assets review are validated by the Company’s third party loan review firm during their quarterly independent review. In the event of a difference in rating or classification between those assigned by the internal and external resources, the Company will generally utilize the more critical or conservative rating or classification. Final loan ratings and regulatory classifications are presented monthly to the Board of Directors and are reviewed by regulators during the examination process.

F-13

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Table of Contents

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 1 - Summary of Significant Accounting Policies (continued)

Allowance for Credit Losses

Pursuant to ASC 326, the allowance for credit losses represents the estimated amount considered necessary to cover lifetime expected credit losses inherent in financial assets at the balance sheet date. The measurement of expected credit losses is applicable to loans receivable and securities measured at amortized cost. It also applies to off-balance sheet credit exposures such as loan commitments and unused lines of credit. The allowance is established through a provision for credit losses that is charged against income. The methodology for determining the allowance for credit losses is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the forecasted economic environment that could result in changes to the amount of the recorded allowance for credit losses.

The allowance for credit losses is reported separately as a contra-asset on the Consolidated Statements of Financial Condition. The expected credit losses for unfunded lending commitments and unfunded loan commitments is reported on the Consolidated Statements of Financial Condition in other liabilities while the provision for credit losses related to unfunded commitments is reported in other non-interest expense.

Allowance for Credit Losses on Loans Receivable

The allowance for credit losses on loans is deducted from the amortized cost basis of the loan to present the net amount expected to be collected. Expected losses are evaluated and calculated on a collective, or pooled, basis for those loans which share similar risk characteristics. At each reporting period, the Company evaluates whether loans within a pool continue to exhibit similar risk characteristics. If the risk characteristics of a loan change, such that they are no longer similar to other loans in the pool, the Company will evaluate the loan with a different pool of loans that share similar risk characteristics. If the loan does not share risk characteristics with other loans, the Company will evaluate the loan on an individual basis. The Company evaluates the pooling methodology at least annually. Loans are charged off against the allowance for credit losses when the Company believes the balances to be uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged off or expected to be charged off.

The Company has chosen to segment its portfolio consistent with the manner in which it manages credit risk. Such segments include multi-family mortgage, nonresidential mortgage, commercial and industrial, construction, one- to four-family residential mortgage, home equity and consumer. For most segments the Company calculates estimated credit losses using a probability of default and loss given default methodology, the results of which are applied to the aggregated discounted cash flow of each individual loan within the segment. The point in time probability of default and loss given default are then conditioned by macroeconomic scenarios to incorporate reasonable and supportable forecasts that affect the collectability of the reported amount.

The Company estimates the allowance for credit losses on loans via a quantitative analysis which considers relevant available information from internal and external sources related to past events and current conditions, as well as the incorporation of reasonable and supportable forecasts. The Company evaluates a variety of factors including third party economic forecasts, industry trends and other available published economic information in arriving at its forecasts. After the reasonable and supportable forecast period, the Company reverts, on a straight-line basis, to the historical average economic variables. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications.

Also included in the allowance for credit losses on loans are qualitative reserves to cover losses that are expected but, in the Company’s assessment, may not be adequately represented in the quantitative analysis or the forecasts described above. Factors that the Company considers include changes in lending policies and procedures, business conditions, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due loans and non-accrual loans, the effect of external factors such as competition, legal and regulatory requirements, among others. Qualitative loss factors are applied to each portfolio segment with the amounts judgmentally determined by the relative risk to the most severe loss periods identified in the historical loan charge-offs of a peer group of similar-sized regional banks.

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Table of Contents

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 1 - Summary of Significant Accounting Policies (continued)

Individually Evaluated Loans

On a case-by-case basis, the Company may conclude that a loan should be evaluated on an individual basis based on its disparate risk characteristics. When the Company determines that a loan no longer shares similar risk characteristics with other loans in the portfolio, the allowance will be determined on an individual basis using the present value of expected cash flows or, for collateral-dependent loans, the fair value of the collateral as of the reporting date, less estimated selling costs, as applicable. If the fair value of the collateral is less than the amortized cost basis of the loan, the Company will charge off the difference between the fair value of the collateral, less costs to sell at the reporting date and the amortized cost basis of the loan.

Acquired Loans

Acquired loans are included in the Company's calculation of the allowance for credit losses. How the allowance on an acquired loan is recorded depends on whether or not it has been classified as a Purchased Credit Deteriorated (“PCD”) loan. PCD loans are loans acquired at a discount that is due, in part, to credit quality. PCD loans are accounted for in accordance with ASC Subtopic 326-20 and are initially recorded at fair value as determined by the sum of the present value of expected future cash flows and an allowance for credit losses at acquisition.

The allowance for PCD loans is recorded through a gross-up effect, while the allowance for acquired non-PCD loans is recorded through provision expense, consistent with originated loans. Thus, the determination of which loans are PCD and non-PCD can have a significant impact on the accounting for these loans. Subsequent to acquisition, the allowance for PCD loans will generally follow the same estimation, provision and charge-off process as non-PCD acquired and originated loans.

Allowance for Credit Losses on Off-Balance Sheet Commitments

The Company is required to include unfunded commitments that are expected to be funded in the future within the allowance calculation, other than those that are unconditionally cancelable. To arrive at that reserve, the reserve percentage for each applicable segment is applied to the unused portion of the expected commitment balance and is multiplied by the expected funding rate. To determine the expected funding rate, the Company uses a historical utilization rate for each segment. As noted above, the allowance for credit losses on unfunded loan commitments is included in other liabilities on the Consolidated Statements of Financial Condition and the related credit expense is recorded in other non-interest expense in the Consolidated Statements of Income.

Loan Modifications

Under ASU 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”), the Company assesses all loan modifications to determine whether a modification was granted to a borrower experiencing financial difficulty, regardless of whether the modified loan terms include a concession. Modifications granted to borrowers experiencing financial difficulty may be in the form of an interest rate reduction, an other-than-insignificant payment delay, a term extension, principal forgiveness, or a combination thereof.

Loan modifications made to borrowers experiencing financial difficulty are evaluated to determine the appropriate accrual status based on the borrower’s financial condition, repayment performance, and the Company’s assessment of the collectibility of principal and interest (“P&I”). Non-accruing modified loans may be returned to accrual status and a non-adverse classification if (1) the borrower has made timely P&I payments in accordance with the terms of the modified loan agreement for no less than six consecutive months after modification due to a borrower experiencing financial difficulty, and (2) the Company expects to receive all P&I payments owed substantially in accordance with the terms of the modified loan agreement.

Premises and Equipment

Land is carried at cost. Office buildings, leasehold improvements and furniture, fixtures and equipment are carried at cost, less accumulated depreciation and amortization. Office buildings and furniture, fixtures and equipment are depreciated using the straight-line method over their estimated useful lives of the respective assets. Leasehold improvements are amortized using the straight-line method over the terms of the respective leases or lives of the assets, whichever is shorter.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 1 - Summary of Significant Accounting Policies (continued)

Construction in progress primarily represents facilities under construction for future use in our business and includes all costs to acquire land and construct buildings, as well as capitalized interest during the construction period. Interest is capitalized at the Company’s average cost of interest-bearing liabilities.

Other Real Estate Owned (“OREO”) and Other Repossessed Assets

Properties and other assets acquired through foreclosure, deed in lieu of foreclosure or repossession are carried at estimated fair value, less estimated selling costs. The estimated fair value of real estate property and other repossessed assets is generally based on independent appraisals. When an asset is acquired, the excess of the loan balance over fair value, less estimated selling costs, is charged to the allowance for credit losses. Thereafter, decreases in the properties’ estimated fair value are charged to income along with any additional property maintenance and protection expenses incurred in owning the properties.

Federal Home Loan Bank Stock

Federal law requires a member institution of the FHLB system to hold restricted stock of its district FHLB according to a predetermined formula. The restricted stock is carried at cost, less any applicable impairment. Both cash and stock dividends are reported as income.

Goodwill and Other Intangible Assets

Goodwill arises from business combinations and is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually or more frequently if events and circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company performed its annual impairment test during the fourth quarter of its fiscal year ended June 30, 2026. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on our Consolidated Statements of Financial Condition.

In assessing impairment, the Company has the option to perform a qualitative analysis to determine whether the existence of events or circumstances leads to a determination that it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount. If, after assessing the totality of such events or circumstances, the Company determines it is not more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, then the Company would not be required to perform a quantitative impairment test.

The Company performed its annual goodwill impairment assessment during the fourth quarter of fiscal 2026. Based on a qualitative assessment, management concluded that it was more likely than not that the fair value of the Company's single reporting unit exceeded its carrying value and, accordingly, a quantitative impairment test was not required. During fiscal 2025, the Company performed a quantitative goodwill impairment assessment and concluded that the fair value of the reporting unit exceeded its carrying value. As a result, no impairment charges were recorded for the years ended June 30, 2026 and 2025.

For the year ended June 30, 2024, a pre-tax goodwill impairment of $97.4 million was required to be recorded as a non-cash expense in the Consolidated Statements of Income (Loss). See Note 8, Goodwill and Other Intangible Assets, for additional information.

The balance of other intangible assets at June 30, 2026 and 2025 totaled $968,000 and $1.4 million, respectively, representing the remaining unamortized balance of the core deposit intangibles ascribed to the value of deposits acquired by the Bank through the acquisition of Clifton Bancorp Inc. in April 2018 and MSB Financial Corp. in July 2020.

Bank Owned Life Insurance

Bank owned life insurance is accounted for using the cash surrender value method and is recorded at its net realizable value. The change in the net asset value is recorded as a component of non-interest income. A deferred liability has been recorded for the estimated cost of postretirement life insurance benefits accruing to applicable employees and directors covered by an endorsement split-dollar life insurance arrangement.

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Table of Contents

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 1 - Summary of Significant Accounting Policies (continued)

Transfers of Financial Assets

Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company - put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets.

Income Taxes

The Company and its subsidiaries file consolidated federal income tax returns. Federal income taxes are allocated to each entity based on their respective contributions to the taxable income of the consolidated income tax returns. Separate state income tax returns are filed for the Company and its subsidiaries on either a consolidated or unconsolidated basis as required by the jurisdiction. The federal income tax rate of 21% was applicable for the years ended June 30, 2026, 2025 and 2024.

Federal and state income taxes have been provided on the basis of the Company’s income or loss as reported in accordance with GAAP. The amounts reflected on the Company’s state and federal income tax returns differ from these provisions due principally to temporary differences in the reporting of certain items for financial statement reporting and income tax reporting purposes. The tax effect of these temporary differences is accounted for as deferred taxes applicable to future periods. Deferred income tax expense or benefit is determined by recognizing deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. The realization of deferred tax assets is assessed and a valuation allowance provided for the full amount which is not more likely than not to be realized.

The Company identified no significant income tax uncertainties through the evaluation of its income tax positions as of June 30, 2026 and 2025. Therefore, the Company has no unrecognized income tax benefits as of those dates. Our policy is to recognize interest and penalties on unrecognized tax benefits in income tax expense in the Consolidated Statements of Income (Loss). The Company recognized no material interest and penalties during the years ended June 30, 2026, 2025 or 2024. The tax years subject to examination by the taxing authorities are the years ended June 30, 2025, 2024 and 2023.

Retirement Plans

Pension expense is the net of service and interest cost, return on plan assets and amortization of gains and losses not immediately recognized. Employee 401(k) and profit sharing plan expense is the amount of matching contributions. Deferred compensation plan expense allocates the benefits over years of service.

Employee Stock Ownership Plan

The cost of shares issued to the Employee Stock Ownership Plan (the “ESOP”), but not yet allocated to participants, is shown as a reduction of shareholders’ equity. Compensation expense is based on the market price of shares as they are committed to be released to participant accounts. Dividends on allocated and unallocated ESOP shares either reduce retained earnings or reduce debt and accrued interest as determined by the ESOP Plan Administrator.

Comprehensive Income

Comprehensive income is comprised of net income and other comprehensive income (loss). Other comprehensive income (loss) includes items recorded in equity, such as unrealized gains and losses on securities available for sale, unrealized gains and losses on derivatives and amortization related to post-retirement obligations. Comprehensive income is presented in a separate Consolidated Statement of Comprehensive Income (Loss).

F-17

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 1 - Summary of Significant Accounting Policies (continued)

Loss Contingencies

Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are currently such matters that will have a material effect on the financial statements.

Loan Commitments and Related Financial Instruments

Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. (See Note 16, Commitments, for additional information).

Derivatives and Hedging

The Company utilizes derivative instruments in the form of interest rate swaps, caps and floors to hedge its exposure to interest rate risk in conjunction with its overall asset/liability management process. In accordance with accounting requirements, the Company formally designates all of its hedging relationships as either fair value hedges, intended to offset the changes in the value of certain financial instruments due to movements in interest rates, or cash flow hedges, intended to offset changes in the cash flows of certain financial instruments due to movement in interest rates, and documents the strategy for undertaking the hedge transactions, and its method of assessing ongoing effectiveness. The Company does not use derivative instruments for speculative purposes.

All derivatives are recognized as either assets or liabilities in the Consolidated Statements of Financial Condition at their fair values. For a derivative designated as a cash flow hedge on the Company’s wholesale funding position, the gain or loss on the derivative is recorded in other comprehensive income and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. For a derivative designated as a cash flow hedge on the Company’s assets, the gain or loss on the derivative is recorded in other comprehensive income and subsequently reclassified to interest income as interest payments are received on the Company’s hedged variable rate assets. For a derivative designated as a fair value hedge, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income.

Derivative instruments qualify for hedge accounting treatment only if they are designated as such on the date on which the derivative contract is entered and are expected to be, and are, effective in substantially reducing interest rate risk arising from the assets and liabilities identified as exposing the Company to risk. Those derivative financial instruments that do not meet the hedging criteria discussed below would be classified as undesignated derivatives and would be recorded at fair value with changes in fair value recorded in income.

The Company discontinues hedge accounting when (a) it determines that a derivative is no longer effective in offsetting changes in cash flows of a hedged item; (b) the derivative expires or is sold, terminated or exercised; (c) probability exists that the forecasted transaction will no longer occur; or (d) management determines that designating the derivative as a hedging instrument is no longer appropriate. In all cases in which hedge accounting is discontinued and a derivative remains outstanding, the Company will carry the derivative at fair value in the Consolidated Financial Statements, recognizing changes in fair value in current period income in the Consolidated Statements of Income.

In accordance with the applicable accounting guidance, the Company takes into account the impact of collateral and master netting agreements that allow it to settle all derivative contracts held with a single counterparty on a net basis, and to offset the net derivative position with the related collateral when recognizing derivative assets and liabilities. As a result, the Company’s Statements of Financial Condition could reflect derivative contracts with negative fair values included in derivative assets, and contracts with positive fair values included in derivative liabilities.

The Company’s interest rate derivatives are comprised of interest rate swaps, caps, and floors hedging variable rate wholesale funding and floating-rate available for sale securities, which are accounted for as cash flow and fair value hedges. The carrying value of interest rate derivatives is included in the balance of other assets or other liabilities and comprises the remaining unamortized cost of interest rate caps and the cumulative changes in the fair value of interest rate derivatives. For cash flow hedges, such changes in fair value are offset against accumulated other comprehensive income, net of deferred income tax.

F-18

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 1 - Summary of Significant Accounting Policies (continued)

In general, the cash flows received and/or exchanged with counterparties for those derivatives qualifying as interest rate hedges are generally classified in the financial statements in the same category as the cash flows of the items being hedged.

Interest differentials paid or received under the swap agreements are reflected as adjustments to interest expense. The notional amounts of the interest rate swaps are not exchanged and do not represent exposure to credit loss. In the event of default by a counter party, the risk in these transactions is the cost of replacing the agreements at current market rates.

Net Income per Common Share (“EPS”)

Basic EPS is based on the weighted average number of common shares actually outstanding adjusted for the ESOP shares not yet committed to be released. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as outstanding stock options or restricted stock units, were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Diluted EPS is calculated by adjusting the weighted average number of shares of common stock outstanding to include the effect of contracts or securities exercisable or which could be converted into common stock, if dilutive, using the treasury stock method. Shares issued and reacquired during any period are weighted for the portion of the period they were outstanding.

Fair Value of Financial Instruments

Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 17, Fair Value of Financial Instruments. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates.

Operating Segments

Public companies are required to report certain financial information about significant revenue-producing segments of the business for which such information is available and utilized by the chief operating decision makers. Substantially all of the Company’s operations occur through the Bank and involve the delivery of loan and deposit products to customers. The Company’s executive management, which includes the President and Chief Executive Officer who serves as the Chief Operating Decision Maker (“CODM”), makes operating decisions, allocates resources, and evaluates financial performance based upon analysis of the Company as one reportable operating segment. All of the Company’s activities are interrelated, and each activity is dependent and assessed based on the manner in which it supports the other activities of the Company.

The CODM is provided with the Company’s consolidated statements of financial condition and operations and evaluates the Company’s operating results based on consolidated net interest income, non-interest income, non-interest expense, and net income, which are reported on the consolidated statement of operations. These results are used to benchmark the Company against its competitors. Other significant non-cash items assessed by the CODM are depreciation, amortization and provision for credit losses consistent with the reporting on the consolidated statements of cash flows.

Effective for the fiscal year ended June 30, 2025, the Company adopted Accounting Standards Update (“ASU”) 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures (Topic 280), which did not have a material effect on its consolidated financial statements.

Stock Compensation Plans

Compensation expense related to stock options, non-vested stock awards and non-vested stock units is based on the fair value of the award on the measurement date with expense recognized on a straight-line basis over the service period of the award. The fair value of stock options is estimated using the Black-Scholes valuation model. The fair value of non-vested stock awards and stock units is generally the closing market price of the Company’s common stock on the date of grant. The Company accounts for forfeitures as they occur.

Advertising and Marketing Expenses

The Company expenses advertising and marketing costs as incurred.

F-19

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 2 – Recent Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, to improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. Additionally, entities must disclose the total amount of selling expenses and, in annual reporting periods, an entity's definition of selling expenses.

In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This ASU amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. Adoption of ASU 2024-03 and ASU 2025-01 is not expected to have a significant impact on the Company's consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This ASU clarifies the threshold entities apply to begin capitalizing costs and removes all references to project stages in ASC Subtopic 350-40. ASU No. 2025-06 is effective for all entities for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption is permitted as of the beginning of an annual reporting period.

In November 2025, the FASB issued ASU 2025-08, Financial Instruments-Credit Losses (Topic 326): Purchased Loans, which requires certain acquired loans (excluding credit cards) to be recorded at purchase price plus an allowance for expected credit losses (the “gross‑up” approach). The amendments introduce the concept of purchased seasoned loans and align their accounting with purchased credit‑deteriorated assets. The guidance is effective for fiscal years beginning after December 15, 2026, including interim periods, with early adoption permitted. The Company expects the amendments to affect the accounting for loans acquired in future business combinations or asset acquisitions.

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which amends the existing requirement that cash flow hedges of groups of individual forecasted transactions designated with a single derivative as the hedging instrument share the same risk exposure. Instead, the amendments require such groups to have a similar risk exposure and clarify that the quantitative threshold for assessing similar risk exposure is consistent with the highly effective threshold used in evaluating hedge effectiveness. The amendments also provide targeted improvements and clarifications to certain other aspects of hedge accounting guidance. ASU 2025-09 is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years, with early adoption permitted. Adoption of ASU 2025-09 is not expected to have a significant impact on the Company's consolidated financial statements.

Adoption of New Accounting Standards

In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures (Topic 740): Improvements to Income Tax Disclosures, which requires reporting companies to improve the transparency of certain income tax related disclosures, including the rate reconciliation and taxes paid disclosures.

The Company adopted ASU 2023-09 effective for the fiscal year ended June 30, 2026. This adoption resulted in additional income tax disclosures, including enhanced rate reconciliation and income taxes paid information, and did not have a significant impact on the Company's consolidated financial statements.

F-20

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Table of Contents

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 3 - Securities

The following tables present the amortized cost, gross unrealized gains and losses and estimated fair values for available for sale securities and the amortized cost, gross unrecognized gains and losses and estimated fair values for held to maturity securities as of the dates indicated.

			June 30, 2026
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Fair Value
			(In Thousands)
Available for sale:
Debt securities:
Asset-backed securities			$	38,348					$	—					$	286					$	—					$	38,062
Collateralized loan obligations			233,665						378						384						—						233,659
Corporate bonds			154,036						1,389						3,256						—						152,169
Total debt securities			426,049						1,767						3,926						—						423,890
Mortgage-backed securities:
Collateralized mortgage obligations (1)			24,390						—						269						—						24,121
Residential pass-through securities (1)			461,678						387						73,962						—						388,103
Commercial pass-through securities (1)			148,747						145						20,637						—						128,255
Total mortgage-backed securities			634,815						532						94,868						—						540,479
Total securities available for sale			$	1,060,864					$	2,299					$	98,794					$	—					$	964,369

________________________________________

(1)Government-sponsored enterprises.

			June 30, 2025
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Fair Value
			(In Thousands)
Available for sale:
Debt securities:
Asset-backed securities			$	60,255					$	59					$	816					$	—					$	59,498
Collateralized loan obligations			322,407						956						118						—						323,245
Corporate bonds			149,550						235						9,668						—						140,117
Total debt securities			532,212						1,250						10,602						—						522,860
Mortgage-backed securities:
Residential pass-through securities (1)			440,168						329						83,178						—						357,319
Commercial pass-through securities (1)			152,731						436						20,377						—						132,790
Total mortgage-backed securities			592,899						765						103,555						—						490,109
Total securities available for sale			$	1,125,111					$	2,015					$	114,157					$	—					$	1,012,969

________________________________________

(1)Government-sponsored enterprises.

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Table of Contents

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 3 - Securities (continued)

			June 30, 2026
			Amortized Cost						Gross Unrecognized Gains						Gross Unrecognized Losses						Allowance for Credit Losses						Fair Value
			(In Thousands)
Held to maturity:
Debt securities:
Obligations of state and political subdivisions			$	4,487					$	—					$	21					$	—					$	4,466
Total debt securities			4,487						—						21						—						4,466
Mortgage-backed securities:
Residential pass-through securities (1)			90,178						229						10,671						—						79,736
Commercial pass-through securities (1)			12,149						—						1,346						—						10,803
Total mortgage-backed securities			102,327						229						12,017						—						90,539
Total securities held to maturity			$	106,814					$	229					$	12,038					$	—					$	95,005

________________________________________

(1)Government-sponsored enterprises.

			June 30, 2025
			Amortized Cost						Gross Unrecognized Gains						Gross Unrecognized Losses						Allowance for Credit Losses						Fair Value
			(In Thousands)
Held to maturity:
Debt securities:
Obligations of state and political subdivisions			$	7,553					$	1					$	74					$	—					$	7,480
Total debt securities			7,553						1						74						—						7,480
Mortgage-backed securities:
Residential pass-through securities (1)			100,482						102						12,024						—						88,560
Commercial pass-through securities (1)			12,182						—						1,510						—						10,672
Total mortgage-backed securities			112,664						102						13,534						—						99,232
Total securities held to maturity			$	120,217					$	103					$	13,608					$	—					$	106,712

________________________________________

(1)Government-sponsored enterprises.

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Table of Contents

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 3 - Securities (continued)

Excluding the balances of mortgage-backed securities, the following tables present the amortized cost and estimated fair values of debt securities available for sale and held to maturity, by contractual maturity, at June 30, 2026:

			June 30, 2026
			Amortized Cost						Fair Value
			(In Thousands)
Available for sale debt securities:
Due in one year or less			$	—					$	—
Due after one year through five years			22,299						21,773
Due after five years through ten years			221,695						220,717
Due after ten years			182,055						181,400
Total			$	426,049					$	423,890

			June 30, 2026
			Amortized Cost						Fair Value
			(In Thousands)
Held to maturity debt securities:
Due in one year or less			$	2,800					$	2,792
Due after one year through five years			1,687						1,674
Due after five years through ten years			—						—
Due after ten years			—						—
Total			$	4,487					$	4,466

Sales of securities available for sale were as follows for the periods presented below:

			Year Ended June 30,
			2026						2025						2024
			(In Thousands)
Available for sale securities sold:
Proceeds from sales of securities			$	—					$	—					$	104,083
Gross realized losses			$	—					$	—					$	(18,135)
Net loss on sales of securities			$	—					$	—					$	(18,135)

During the years ended June 30, 2026, 2025 and 2024, there were no gains or losses resulting from calls of securities available for sale.

During the years ended June 30, 2026, 2025 and 2024, there were no gains or losses recorded on sales or calls of securities held to maturity.

F-23

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Table of Contents

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 3 - Securities (continued)

The carrying value of securities pledged for potential borrowings at the Federal Reserve Bank of New York and securities pledged for public funds and other purposes, were as follows as of the dates presented below:

			June 30, 2026						June 30, 2025
			(In Thousands)
Securities pledged:
Pledged to secure public funds on deposit			$	122,073					$	475,234
Pledged for potential borrowings at the Federal Reserve Bank of New York			—						66,811
Total carrying value of securities pledged			$	122,073					$	542,045

The following tables present the gross unrealized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that securities have been in a continuous unrealized loss position within the available for sale portfolio at June 30, 2026 and 2025:

			June 30, 2026
			Less than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Number of Securities						Fair Value						Unrealized Losses
			(Dollars in Thousands)
Securities Available for Sale:
Asset-backed securities			$	1,757					$	6					$	36,305					$	280					6						$	38,062					$	286
Collateralized loan obligations			107,735						361						15,427						23						12						123,162						384
Corporate bonds			40,727						298						57,553						2,958						19						98,280						3,256
Collateralized mortgage obligations			24,121						269						—						—						1						24,121						269
Commercial pass-through securities			—						—						106,055						20,637						7						106,055						20,637
Residential pass-through securities			56,754						623						295,686						73,339						96						352,440						73,962
Total			$	231,094					$	1,557					$	511,026					$	97,237					141						$	742,120					$	98,794

			June 30, 2025
			Less than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Number of Securities						Fair Value						Unrealized Losses
			(Dollars in Thousands)
Securities Available for Sale:
Asset-backed securities			$	29,860					$	493					$	18,526					$	323					7						$	48,386					$	816
Collateralized loan obligations			105,251						82						14,964						36						8						120,215						118
Corporate bonds			1,987						38						112,395						9,630						22						114,382						9,668
Commercial pass-through securities			—						—						109,817						20,377						7						109,817						20,377
Residential pass-through securities			21,942						109						314,871						83,069						99						336,813						83,178
Total			$	159,040					$	722					$	570,573					$	113,435					143						$	729,613					$	114,157

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 3 - Securities (continued)

Available for sale securities are evaluated to determine if a decline in fair value below the amortized cost basis has resulted from a credit loss or from other factors. An impairment related to credit factors would be recorded through an allowance for credit losses. The allowance is limited to the amount by which the security’s amortized cost basis exceeds the fair value. An impairment that has not been recorded through an allowance for credit losses shall be recorded through other comprehensive income, net of applicable taxes. Investment securities will be written down to fair value through the Consolidated Statement of Income (Loss) if management intends to sell, or may be required to sell, the securities before they recover in value. The issuers of these securities continue to make timely principal and interest payments and none of these securities were past due or were placed in nonaccrual status at June 30, 2026. Management believes that the unrealized losses on these securities are a function of changes in market interest rates and credit spreads, not changes in credit quality. No allowance for credit losses was recorded at June 30, 2026 on available for sale securities.

The sale of available for sale securities during the year ended June 30, 2024 was part of a wholesale restructuring and the proceeds were reinvested in higher yielding securities. The Company was not required to sell these securities. There were no sales of securities during the years ended June 30, 2026 and 2025.

At June 30, 2026, the held to maturity securities portfolio consisted of agency mortgage-backed securities and obligations of state and political subdivisions. The mortgage-backed securities are issued by U.S. government agencies and are implicitly guaranteed by the U.S. government. The obligations of state and political subdivisions in the portfolio are highly rated by major rating agencies and have a long history of no credit losses. The Company regularly monitors the obligations of state and political subdivisions sector of the market and reviews collectability including such factors as the financial condition of the issuers as well as credit ratings in effect as of the reporting period. No allowance for credit losses was recorded at June 30, 2026 on held to maturity securities.

As of June 30, 2026 and 2025, there were no holdings of debt securities of any one issuer, other than the U.S. government sponsored entities and agencies, in an amount greater than 10% of stockholders’ equity.

F-25

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Table of Contents

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 4 – Loans Receivable

The following table sets forth the composition of the Company’s loan portfolio at June 30, 2026 and 2025:

			June 30, 2026						June 30, 2025
			(In Thousands)
Commercial loans:
Multi-family mortgage			$	2,499,894					$	2,709,654
Nonresidential mortgage			1,019,445						986,556
Commercial and industrial			223,927						138,755
Construction			263,200						177,713
Total commercial loans			4,006,466						4,012,678
One- to four-family residential mortgage			1,789,865						1,748,591
Consumer loans:
Home equity loans			79,844						50,737
Other consumer			2,387						2,533
Total consumer loans			82,231						53,270
Total loans			5,878,562						5,814,539
Unaccreted yield adjustments (1)			(3,237)						(1,602)
Total loans receivable, net of yield adjustments			$	5,875,325					$	5,812,937

___________________________

(1)At June 30, 2026 and 2025, included a fair value adjustment to the carrying amount of hedged one- to four-family residential mortgage loans.

The Bank has granted loans to officers and directors of the Company and its subsidiaries and to their associates. As of June 30, 2026 and 2025, such loans totaled approximately $2.2 million and $2.3 million, respectively. No new related party loans were originated during the year ended June 30, 2026, compared to one loan totaling $13,000 during the year ended June 30, 2025.

F-26

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Table of Contents

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 4 – Loans Receivable (continued)

Past Due Loans

Past due status is based on the contractual payment terms of the loans. The following tables present the payment status of past due loans as of June 30, 2026 and 2025, by loan segment:

			Payment Status June 30, 2026
			30-59 Days						60-89 Days						90 Days and Over						Total Past Due						Current						Total
			(In Thousands)
Multi-family mortgage			$	2,404					$	—					$	31,170					$	33,574					$	2,466,320					$	2,499,894
Nonresidential mortgage			—						—						203						203						1,019,242						1,019,445
Commercial and industrial			—						—						205						205						223,722						223,927
Construction			—						—						2,755						2,755						260,445						263,200
One- to four-family residential mortgage			1,791						1,683						4,390						7,864						1,782,001						1,789,865
Home equity loans			151						198						21						370						79,474						79,844
Other consumer			—						—						—						—						2,387						2,387
Total loans			$	4,346					$	1,881					$	38,744					$	44,971					$	5,833,591					$	5,878,562

			Payment Status June 30, 2025
			30-59 Days						60-89 Days						90 Days and Over						Total Past Due						Current						Total
			(In Thousands)
Multi-family mortgage			$	—					$	5,270					$	22,218					$	27,488					$	2,682,166					$	2,709,654
Nonresidential mortgage			926						—						4,937						5,863						980,693						986,556
Commercial and industrial			—						400						1,301						1,701						137,054						138,755
Construction			—						—						—						—						177,713						177,713
One- to four-family residential mortgage			1,350						2,890						3,643						7,883						1,740,708						1,748,591
Home equity loans			176						96						204						476						50,261						50,737
Other consumer			—						—						—						—						2,533						2,533
Total loans			$	2,452					$	8,656					$	32,303					$	43,411					$	5,771,128					$	5,814,539

Nonperforming Loans

Loans are generally placed on nonaccrual status when contractual payments become 90 or more days past due or when the Company does not expect to receive all P&I payment owed substantially in accordance with the terms of the loan agreement, regardless of past due status. Loans that become 90 days past due, but are well secured and in the process of collection, may remain on accrual status. Nonaccrual loans are generally returned to accrual status when all payments due are brought current and the Company expects to receive all remaining P&I payments owed substantially in accordance with the terms of the loan agreement. Payments received in cash on nonaccrual loans, including both the principal and interest portions of those payments, are generally applied to reduce the carrying value of the loan. The Company did not recognize interest income on non-accrual loans during the fiscal years ended June 30, 2026, 2025 and 2024.

F-27

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Table of Contents

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 4 – Loans Receivable (continued)

The following tables present information relating to the Company’s nonperforming loans as of June 30, 2026 and 2025:

			Performance Status June 30, 2026
			90 Days and Over Past Due Accruing						Nonaccrual Loans with Allowance for Credit Losses						Nonaccrual Loans with no Allowance for Credit Losses						Total Nonperforming						Performing						Total
			(In Thousands)
Multi-family mortgage			$	—					$	10,617					$	26,263					$	36,880					$	2,463,014					$	2,499,894
Nonresidential mortgage			—						—						360						360						1,019,085						1,019,445
Commercial and industrial			—						197						265						462						223,465						223,927
Construction			—						—						2,755						2,755						260,445						263,200
One- to four-family residential mortgage			—						2,929						4,393						7,322						1,782,543						1,789,865
Home equity loans			—						—						117						117						79,727						79,844
Other consumer			—						—						—						—						2,387						2,387
Total loans			$	—					$	13,743					$	34,153					$	47,896					$	5,830,666					$	5,878,562

			Performance Status June 30, 2025
			90 Days and Over Past Due Accruing						Nonaccrual Loans with Allowance for Credit Losses						Nonaccrual Loans with no Allowance for Credit Losses						Total Nonperforming						Performing						Total
			(In Thousands)
Multi-family mortgage			$	—					$	15,867					$	14,990					$	30,857					$	2,678,797					$	2,709,654
Nonresidential mortgage			—						—						5,763						5,763						980,793						986,556
Commercial and industrial			—						1,930						293						2,223						136,532						138,755
Construction			—						—						—						—						177,713						177,713
One- to four-family residential mortgage			—						2,862						3,688						6,550						1,742,041						1,748,591
Home equity loans			—						188						16						204						50,533						50,737
Other consumer			—						—						—						—						2,533						2,533
Total loans			$	—					$	20,847					$	24,750					$	45,597					$	5,768,942					$	5,814,539

Loan Modifications Made to Borrowers Experiencing Financial Difficulty

The following tables present the amortized cost basis at June 30, 2026 and 2025, of loan modifications made to borrowers experiencing financial difficulty that were restructured during the fiscal years ended June 30, 2026 and 2025, by type of modification:

			Year Ended June 30, 2026
			Payment Delay						Term Extension						Term Extension and Payment Delay						Payment Delay and Interest Rate Reduction						Term Extension and Interest Rate Reduction						Total						Percent of Total Class
			(Dollars In Thousands)
Multi-family mortgage			$	2,404					$	—					$	9,339					$	15,339					$	—					$	27,082					1.08		%
Commercial and industrial			—						—						—						—						696						696						0.31		%
One- to four-family residential mortgage			221						6						—						—						—						227						0.01		%
Total			$	2,625					$	6					$	9,339					$	15,339					$	696					$	28,005

F-28

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Table of Contents

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 4 – Loans Receivable (continued)

			Year Ended June 30, 2025
			Payment Delay						Term Extension						Term Extension and Payment Delay						Payment Delay and Interest Rate Reduction						Term Extension and Interest Rate Reduction						Total						Percent of Total Class
			(Dollars In Thousands)
Multi-family mortgage			$	22,571					$	—					$	—					$	11,146					$	—					$	33,717					1.24		%
Nonresidential mortgage			169						—						—						—						—						169						0.02		%
Commercial and industrial			44						—						—						—						—						44						0.03		%
Total			$	22,784					$	—					$	—					$	11,146					$	—					$	33,930

No modifications involved forgiveness of principal for the fiscal years ended June 30, 2026 and 2025. There were no commitments to lend additional funds to borrowers experiencing financial difficulty whose terms have been restructured at June 30, 2026 and June 30, 2025.

During the year ended June 30, 2026, there were no loans which were modified and subsequently defaulted on payment. During the year ended June 30, 2025, one multi-family mortgage loan with a carrying value of $8.6 million was modified and subsequently defaulted on payment. For restructured loans, a subsequent payment default is defined in terms of delinquency, when a principal or interest payment is 90 days past due or classified into non-accrual status during the reporting period.

The following table presents the payment status of the loans that were modified to borrowers experiencing financial difficulties in the last twelve months:

			June 30, 2026
			Current						30-89 Days Past Due						90 Days or More Past Due						Total Past Due						Non-Accrual
			(Dollars In Thousands)
Multi-family mortgage			$	24,678					$	2,404					$	—					$	2,404					$	—
Commercial and industrial			696						—						—						—						—
One- to four-family residential mortgage			227						—						—						—						141
Total			$	25,601					$	2,404					$	—					$	2,404					$	141

Individually Analyzed Loans

Individually analyzed loans include loans which do not share similar risk characteristics with other loans. As of June 30, 2026, the carrying value of individually analyzed loans, including loans acquired with deteriorated credit quality that were individually analyzed, totaled $47.9 million, of which $40.2 million were considered collateral dependent.

For collateral dependent loans where management has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and repayment of the loan is to be provided substantially through the operation or sale of the collateral, the allowance for credit losses is measured based on the difference between the fair value of the collateral, less costs to sell, and the amortized cost basis of the loan as of the measurement date. See Note 17 for additional disclosure regarding fair value of individually analyzed collateral dependent loans.

F-29

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Table of Contents

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 4 – Loans Receivable (continued)

The following table presents the carrying value and related allowance of collateral dependent individually analyzed loans at the dates indicated:

			June 30, 2026												June 30, 2025
			Carrying Value						Related Allowance						Carrying Value						Related Allowance
			(In Thousands)
Commercial loans:
Multi-family mortgage			$	36,738					$	1,054					$	30,808					$	1,377
Nonresidential mortgage (1)			—						—						4,697						—
Construction			2,755						—						—						—
Total commercial loans			39,493						1,054						35,505						1,377
One- to four-family residential mortgage (2)			687						—						2,264						—
Consumer loans:
Home equity loans			13						—						16						—
Total			$	40,193					$	1,054					$	37,785					$	1,377

________________________________________

(1)Secured by income-producing nonresidential property.

(2)Secured by one- to four-family residential properties.

Credit Quality Indicators

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually to classify the loans as to credit risk. The Company uses the following definitions for risk ratings:

Pass – Loans that are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell, of any underlying collateral in a timely manner.

Special Mention – Loans which do not currently expose the Company to a sufficient degree of risk to warrant an adverse classification but have some credit deficiencies or other potential weaknesses.

Substandard – Loans which are inadequately protected by the paying capacity and net worth of the obligor or the collateral pledged, if any. Substandard assets include those characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

Doubtful – Loans which have all of the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values.

Loss – Loans which are considered uncollectible or of so little value that their continuance as assets is not warranted.

The following table presents the risk category of loans as of June 30, 2026 by loan segment and vintage year:

F-30

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Table of Contents

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 4 – Loans Receivable (continued)

			Term Loans by Origination Year for Fiscal Years ended June 30,																																				Revolving Loans
			2026						2025						2024						2023						2022						Prior												Total
			(In Thousands)
Multi-family mortgage:
Pass			$	39,301					$	143,047					$	23,201					$	562,037					$	873,965					$	788,979					$	—					$	2,430,530
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						1,524						67,840						—						69,364
Doubtful			—						—						—						—						—						—						—						—
Total multi-family mortgage			39,301						143,047						23,201						562,037						875,489						856,819						—						2,499,894
Multi-family current period gross charge-offs			—						—						—						—						—						1,208						—						1,208
Nonresidential mortgage:
Pass			127,046						128,995						79,932						94,561						184,548						401,984						—						1,017,066
Special Mention			—						—						—						—						—						757						—						757
Substandard			—						—						—						—						—						1,622						—						1,622
Doubtful			—						—						—						—						—						—						—						—
Total nonresidential mortgage			127,046						128,995						79,932						94,561						184,548						404,363						—						1,019,445
Nonresidential current period gross charge-offs			—						—						—						—						—						5						—						5
Commercial and industrial:
Pass			99,867						16,182						6,941						4,239						14,850						15,904						61,967						219,950
Special Mention			—						—						696						—						2,639						98						—						3,433
Substandard			—						81						—						—						—						463						—						544
Doubtful			—						—						—						—						—						—						—						—
Total commercial and industrial			99,867						16,263						7,637						4,239						17,489						16,465						61,967						223,927
Commercial current period gross charge-offs			—						—						400						—						—						859						—						1,259
Construction loans:
Pass			87,057						83,649						80,149						—						1,129						2,726						5,735						260,445
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						2,755						—						2,755
Doubtful			—						—						—						—						—						—						—						—
Total construction loans			87,057						83,649						80,149						—						1,129						5,481						5,735						263,200
Construction current period gross charge-offs			—						—						—						—						—						—						—						—
Residential mortgage:
Pass			216,253						119,726						124,983						164,032						390,804						759,888						418						1,776,104
Special Mention			—						—						—						—						—						326						—						326
Substandard			—						—						947						1,639						1,239						9,610						—						13,435
Doubtful			—						—						—						—						—						—						—						—
Total residential mortgage			216,253						119,726						125,930						165,671						392,043						769,824						418						1,789,865
Residential current period gross charge-offs			—						—						—						—						—						47						—						47
Home equity loans:
Pass			60						389						1,385						3,576						1,387						6,201						66,446						79,444
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						—						187						—						—						120						93						400
Doubtful			—						—						—						—						—						—						—						—
Total home equity loans			60						389						1,572						3,576						1,387						6,321						66,539						79,844
Home equity current period gross charge-offs			—						—						—						—						—						11						—						11
Other consumer loans:
Pass			522						258						216						143						58						1,082						26						2,305
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						—						—						—
Doubtful			—						—						—						—						—						—						82						82
Other consumer loans			522						258						216						143						58						1,082						108						2,387
Other consumer current period gross charge-offs			—						—						—						—						—						—						—						—
Total loans			$	570,106					$	492,327					$	318,637					$	830,227					$	1,472,143					$	2,060,355					$	134,767					$	5,878,562
Total current period gross charge-offs			$	—					$	—					$	400					$	—					$	—					$	2,130					$	—					$	2,530

F-31

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Table of Contents

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 4 – Loans Receivable (continued)

The following table presents the risk category of loans as of June 30, 2025 by loan segment and vintage year:

			Term Loans by Origination Year for Fiscal Years ended June 30,																																				Revolving Loans
			2025						2024						2023						2022						2021						Prior												Total
			(In Thousands)
Multi-family mortgage:
Pass			$	146,525					$	26,430					$	591,647					$	939,414					$	219,907					$	720,674					$	—					$	2,644,597
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						11,830						53,227						—						65,057
Doubtful			—						—						—						—						—						—						—						—
Total multi-family mortgage			146,525						26,430						591,647						939,414						231,737						773,901						—						2,709,654
Nonresidential mortgage:
Pass			132,407						81,426						102,965						190,781						107,519						352,364						49						967,511
Special Mention			—						—						—						—						945						6,187						—						7,132
Substandard			—						—						—						—						851						11,062						—						11,913
Doubtful			—						—						—						—						—						—						—						—
Total nonresidential mortgage			132,407						81,426						102,965						190,781						109,315						369,613						49						986,556
Nonresidential current period gross charge-offs			—						—						—						—						—						830						—						830
Commercial and industrial:
Pass			23,729						9,355						5,718						20,915						14,264						7,608						53,647						135,236
Special Mention			—						—						—						1,043						125						—						—						1,168
Substandard			87						400						—						—						—						1,735						129						2,351
Doubtful			—						—						—						—						—						—						—						—
Total commercial and industrial			23,816						9,755						5,718						21,958						14,389						9,343						53,776						138,755
Commercial current period gross charge-offs			—						—						—						—						—						295						—						295
Construction loans:
Pass			41,990						85,712						—						979						8,991						3,362						5,735						146,769
Special Mention			—						—						—						—						5,950						—						—						5,950
Substandard			—						4,500						—						—						20,494						—						—						24,994
Doubtful			—						—						—						—						—						—						—						—
Total construction loans			41,990						90,212						—						979						35,435						3,362						5,735						177,713
Residential mortgage:
Pass			138,854						160,333						174,947						410,255						432,804						417,105						5						1,734,303
Special Mention			—						—						—						—						—						687						—						687
Substandard			—						299						1,459						773						799						10,271						—						13,601
Doubtful			—						—						—						—						—						—						—						—
Total residential mortgage			138,854						160,632						176,406						411,028						433,603						428,063						5						1,748,591
Residential current period gross charge-offs			—						—						—						—						—						2						—						2
Home equity loans:
Pass			800						1,690						4,606						1,648						302						7,612						33,553						50,211
Special Mention			—						—						—						—						—						—						96						96
Substandard			—						96						—						83						—						180						71						430
Doubtful			—						—						—						—						—						—						—						—
Total home equity loans			800						1,786						4,606						1,731						302						7,792						33,720						50,737
Home equity current period gross charge-offs			—						—						—						—						—						2						—						2
Other consumer loans:
Pass			605						343						189						86						236						976						26						2,461
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						—						—						—
Doubtful			—						—						—						—						—						—						72						72
Other consumer loans			605						343						189						86						236						976						98						2,533
Other consumer current period gross charge-offs			—						—						—						—						—						7						—						7
Total loans			$	484,997					$	370,584					$	881,531					$	1,565,977					$	825,017					$	1,593,050					$	93,383					$	5,814,539
Total current period gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	1,136					$	—					$	1,136

F-32

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Table of Contents

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 4 – Loans Receivable (continued)

Purchased Credit Deteriorated (“PCD”) Loans

PCD loans are acquired loans that, as of the acquisition date, have experienced a more-than-insignificant deterioration in credit quality since origination. Non-PCD loans are acquired loans that have experienced no or insignificant deterioration in credit quality since origination. To distinguish between the two types of acquired loans, the Company evaluates risk characteristics that have been determined to be indicators of deteriorated credit quality. The determining criteria may involve loan specific characteristics such as payment status, debt service coverage or other changes in creditworthiness since the loan was originated, while others are relevant to recent economic conditions, such as borrowers in industries impacted by the pandemic.

As of June 30, 2026, the carrying amount of PCD loans was $10.7 million, with an associated allowance for credit losses of $73,000, compared to a carrying amount of $12.7 million and an allowance for credit losses of $175,000 as of June 30, 2025.

Loans in Foreclosure

The Company may obtain physical possession of one- to four-family real estate collateralizing a residential mortgage loan or nonresidential real estate collateralizing a nonresidential mortgage loan via foreclosure or through an in-substance repossession.

As of June 30, 2026, other real estate owned included two foreclosed nonresidential properties with an aggregate carrying value of $5.5 million. As of the same date, the Company held one residential mortgage loan and 12 commercial mortgage loans with aggregate carrying values totaling $259,000 and $31.1 million, respectively, which were in the process of foreclosure.

As of June 30, 2025, the Company held no properties in other real estate owned. As of the same date, the Company held three residential mortgage loans and six commercial mortgage loans with aggregate carrying values of $2.2 million and $23.7 million, respectively, which were in the process of foreclosure.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 5 – Allowance for Credit Losses

Allowance for Credit Losses on Loans Receivable

The following tables present the balance of the allowance for credit losses (“ACL”) at June 30, 2026 and 2025. The balance of the ACL is based on the CECL methodology, as noted above. The tables identify the valuation allowances attributable to specifically identified impairments on individually analyzed loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans collectively evaluated. The tables include the underlying balance of loans receivable applicable to each category as of those dates.

			Allowance for Credit Losses June 30, 2026
			Loans acquired with deteriorated credit quality individually analyzed						Loans acquired with deteriorated credit quality collectively evaluated						Loans individually analyzed						Loans collectively evaluated						Total allowance for credit losses
			(In Thousands)
Multi-family mortgage			$	—					$	—					$	1,054					$	21,507					$	22,561
Nonresidential mortgage			—						13						—						7,817						7,830
Commercial and industrial			—						1						17						2,873						2,891
Construction			—						—						—						1,850						1,850
One- to four-family residential mortgage			—						59						86						9,439						9,584
Home equity loans			—						—						—						675						675
Other consumer			—						—						—						105						105
Total loans			$	—					$	73					$	1,157					$	44,266					$	45,496

			Balance of Loans Receivable June 30, 2026
			Loans acquired with deteriorated credit quality individually analyzed						Loans acquired with deteriorated credit quality collectively evaluated						Loans individually analyzed						Loans collectively evaluated						Total loans
			(In Thousands)
Multi-family mortgage			$	—					$	—					$	36,880					$	2,463,014					$	2,499,894
Nonresidential mortgage			203						1,007						157						1,018,078						1,019,445
Commercial and industrial			—						94						462						223,371						223,927
Construction			—						5,735						2,755						254,710						263,200
One- to four-family residential mortgage			809						2,838						6,513						1,779,705						1,789,865
Home equity loans			8						—						109						79,727						79,844
Other consumer			—						—						—						2,387						2,387
Total loans			$	1,020					$	9,674					$	46,876					$	5,820,992					$	5,878,562
Unaccreted yield adjustments																											(3,237)
Loans receivable, net of   yield adjustments																											$	5,875,325

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 5 – Allowance for Credit Losses (continued)

			Allowance for Credit Losses June 30, 2025
			Loans acquired with deteriorated credit quality individually analyzed						Loans acquired with deteriorated credit quality collectively evaluated						Loans individually analyzed						Loans collectively evaluated						Total allowance for credit losses
			(In Thousands)
Multi-family mortgage			$	—					$	—					$	1,377					$	23,529					$	24,906
Nonresidential mortgage			—						20						—						6,918						6,938
Commercial and industrial			—						23						971						1,434						2,428
Construction			—						—						—						1,155						1,155
One- to four-family residential mortgage			34						87						60						9,999						10,180
Home equity loans			11						—						32						447						490
Other consumer			—						—						—						94						94
Total loans			$	45					$	130					$	2,440					$	43,576					$	46,191

			Balance of Loans Receivable June 30, 2025
			Loans acquired with deteriorated credit quality individually analyzed						Loans acquired with deteriorated credit quality collectively evaluated						Loans individually analyzed						Loans collectively evaluated						Total loans
			(In Thousands)
Multi-family mortgage			$	—					$	—					$	30,857					$	2,678,797					$	2,709,654
Nonresidential mortgage			240						1,405						5,523						979,388						986,556
Commercial and industrial			—						1,093						2,223						135,439						138,755
Construction			—						5,735						—						171,978						177,713
One- to four-family residential mortgage			614						3,551						5,936						1,738,490						1,748,591
Home equity loans			21						—						183						50,533						50,737
Other consumer			—						—						—						2,533						2,533
Total loans			$	875					$	11,784					$	44,722					$	5,757,158					$	5,814,539
Unaccreted yield adjustments																											(1,602)
Loans receivable, net of   yield adjustments																											$	5,812,937

The following tables present the activity in the ACL on loans for the years ended June 30, 2026, 2025 and 2024:

			Changes in the Allowance for Credit Losses Year Ended June 30, 2026
			Balance at June 30, 2025						Charge-offs						Recoveries						Provision for (reversal of) credit losses						Balance at June 30, 2026
			(In Thousands)
Multi-family mortgage			$	24,906					$	(1,208)					$	—					$	(1,137)					$	22,561
Nonresidential mortgage			6,938						(5)						—						897						7,830
Commercial and industrial			2,428						(1,259)						118						1,604						2,891
Construction			1,155						—						—						695						1,850
One- to four-family residential mortgage			10,180						(47)						19						(568)						9,584
Home equity loans			490						(11)						—						196						675
Other consumer			94						—						—						11						105
Total loans			$	46,191					$	(2,530)					$	137					$	1,698					$	45,496

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 5 – Allowance for Credit Losses (continued)

			Changes in the Allowance for Credit Losses Year Ended June 30, 2025
			Balance at June 30, 2024						Charge-offs						Recoveries						Provision for (reversal of) credit losses						Balance at June 30, 2025
			(In Thousands)
Multi-family mortgage			$	24,125					$	—					$	—					$	781					$	24,906
Nonresidential mortgage			6,125						(830)						—						1,643						6,938
Commercial and industrial			1,573						(295)						20						1,130						2,428
Construction			1,230						—						—						(75)						1,155
One- to four-family residential mortgage			11,461						(2)						2						(1,281)						10,180
Home equity loans			349						(2)						—						143						490
Other consumer			76						(7)						—						25						94
Total loans			$	44,939					$	(1,136)					$	22					$	2,366					$	46,191

			Changes in the Allowance for Credit Losses Year Ended June 30, 2024
			Balance at June 30, 2023												Charge-offs						Recoveries												Provision for (reversal of) credit losses						Balance at June 30, 2024
			(In Thousands)
Multi-family mortgage			$	26,362											$	(398)					$	—											$	(1,839)					$	24,125
Nonresidential mortgage			8,953												(5,975)						120												3,027						6,125
Commercial and industrial			1,440												(3,866)						22												3,977						1,573
Construction			1,336												—						—												(106)						1,230
One- to four-family residential mortgage			10,237												(37)						113												1,148						11,461
Home equity loans			338												—						—												11						349
Other consumer			68												—						—												8						76
Total loans			$	48,734											$	(10,276)					$	255											$	6,226					$	44,939

Allowance for Credit Losses on Off Balance Sheet Commitments

The following table presents the activity in the ACL on off balance sheet commitments recorded in other non-interest expense for the years ended June 30, 2026, 2025 and 2024:

			Year Ended June 30,
			2026						2025						2024
			(In Thousands)
Balance at beginning of the period			$	1,129					$	796					$	741
Provision for credit losses			389						333						55
Balance at end of the period			$	1,518					$	1,129					$	796

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 6 – Leases

The Company leases certain premises and equipment under operating leases. As of June 30, 2026, the Company had right-of-use assets totaling $10.0 million and lease liabilities totaling $10.7 million, which were recorded in other assets and other liabilities, respectively, on the Statement of Financial Condition. By comparison at June 30, 2025, the Company had right-of-use assets totaling $12.1 million and lease liabilities totaling $12.9 million.

As of June 30, 2026, the weighted average remaining lease term for operating leases was 4.83 years and the weighted average discount rate used in the measurement of operating lease liabilities was 3.38%. Total operating lease costs for the years ended June 30, 2026, 2025 and 2024 were $3.4 million, $3.4 million and $3.5 million, respectively.

There were no sale and leaseback transactions, leveraged leases or lease transactions with related parties during the year ended June 30, 2026. At June 30, 2026, the Company had no leases that had not yet commenced.

A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability at June 30, 2026 and 2025 is as follows:

			June 30,
			2026						2025
			(In Thousands)
Less than one year			$	3,443					$	3,480
After one year but within two years			2,541						3,410
After two years but within three years			2,079						2,387
After three years but within four years			1,383						1,850
After four years but within five years			1,047						1,158
Greater than five years			1,160						1,783
Total undiscounted cash flows			11,653						14,068
Less: discount on cash flows			(933)						(1,150)
Total lease liability			$	10,720					$	12,918

Note 7 – Premises and Equipment

			June 30,
			2026						2025
			(In Thousands)
Land			$	11,585					$	11,773
Buildings and improvements			48,149						48,507
Leasehold improvements			10,673						10,607
Furnishings and equipment			30,040						29,686
Construction in progress			1,218						244
			101,665						100,817
Less accumulated depreciation and amortization			59,306						56,920
Total premises and equipment			$	42,359					$	43,897

Depreciation expense on premises and equipment for the fiscal years ended June 30, 2026, 2025 and 2024 totaled $4.0 million, $4.4 million and $4.7 million, respectively.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 8 – Goodwill and Other Intangible Assets

The Company performed the annual goodwill impairment analyses in the fourth quarter of its fiscal year ended June 30, 2026. Based on the results of its qualitative impairment analysis, the Company determined it is more-likely-than-not that the fair value of its single reporting unit exceeded its respective carrying value and a quantitative impairment test was not required.

For the fiscal year ended June 30, 2024, a non-cash, pre-tax goodwill impairment of $97.4 million was recorded. The goodwill impairment had no impact on the Company’s liquidity and regulatory capital ratios.

			Goodwill						Core Deposit Intangibles
			(In Thousands)
Balance at June 30, 2023			$	210,895					$	2,457
Amortization			—						(526)
Impairment			(97,370)						—
Balance at June 30, 2024			113,525						1,931
Amortization			—						(495)
Balance at June 30, 2025			113,525						1,436
Amortization			—						(468)
Balance at June 30, 2026			$	113,525					$	968

As of June 30, 2026, the accumulated goodwill impairment remained at $97.4 million, unchanged from June 30, 2025.

Scheduled amortization of core deposit intangibles for each of the next five years and thereafter is as follows:

Year Ending June 30,						Core Deposit Intangible Amortization
						(In Thousands)
2027						$	441
2028						353
2029						121
2030						53
2031						—
Thereafter						—

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 9 – Deposits

Deposits at June 30, 2026 and 2025 are summarized as follows:

			June 30,
			2026												2025
			Balance						Weighted Average Interest Rate						Balance						Weighted Average Interest Rate
			(Dollars in Thousands)
Non-interest-bearing demand			$	788,015					0.00		%				$	582,045					0.00		%
Interest-bearing demand			2,214,432						2.49						2,362,222						2.62
Savings			766,502						1.26						754,376						1.34
Certificates of deposits			1,940,676						3.45						1,976,574						3.85
Total deposits			$	5,709,625					2.31		%				$	5,675,217					2.61		%

Deposit balances at June 30, 2026 reflect a migration of $239.9 million from a consumer interest bearing product to a non-interest bearing product as part of the Company’s repricing strategy.

Brokered deposits at June 30, 2026 and 2025 are summarized as follows:

			June 30,
			2026												2025
			Balance						Weighted Average Interest Rate						Balance						Weighted Average Interest Rate
			(Dollars in Thousands)
Certificates of deposits			$	757,249					3.87		%				$	757,654					4.29		%
Total brokered deposits			$	757,249					3.87		%				$	757,654					4.29		%

A summary of certificates of deposit by maturity at June 30, 2026 follows:

			June 30,
			2026
			(In Thousands)
One year or less			$	1,874,214
After one year to two years			41,402
After two years to three years			3,543
After three years to four years			7,554
After four years to five years			13,963
After five years			—
Total certificates of deposit			$	1,940,676

Certificates of deposit with balances of $250,000 or more at June 30, 2026 and 2025, totaled approximately $1.0 billion in each period, respectively. The Bank’s deposits are insurable to applicable limits by the FDIC.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 10 – Borrowings

Borrowings at June 30, 2026 and 2025 consisted of the following:

			June 30, 2026						June 30, 2025
			(In Thousands)
FHLB advances			$	950,000					$	1,106,491
Overnight borrowings(1)			200,000						150,000
Total borrowings			$	1,150,000					$	1,256,491

________________________________________

(1)At June 30, 2026 and June 30, 2025, comprised of FHLB overnight line of credit borrowings.

Fixed-rate advances from the FHLB of New York mature as follows:

			June 30, 2026												June 30, 2025
			Balance						Weighted Average Interest Rate						Balance						Weighted Average Interest Rate
			(Dollars in Thousands)
By remaining period to maturity:
Less than one year			$	750,000					3.82		%				$	906,500					4.44		%
One to two years			200,000						3.98						—						—
Two to three years			—						—						200,000						3.98
Three to four years			—						—						—						—
Four to five years			—						—						—						—
Greater than five years			—						—						—						—
Total advances			950,000						3.85		%				1,106,500						4.36		%
Unamortized fair value adjustments			—												(9)
Total advances, net of fair value adjustments			$	950,000											$	1,106,491

At June 30, 2026, FHLB advances and overnight line of credit borrowings were collateralized by the FHLB capital stock owned by the Bank and mortgage loans with carrying values totaling approximately $2.85 billion. At June 30, 2025, FHLB advances and overnight line of credit borrowings were collateralized by the FHLB capital stock owned by the Bank and mortgage loans with carrying values totaling approximately $3.24 billion. At June 30, 2026, the Company maintained available secured borrowing capacity with the FHLB and the Federal Reserve Discount Window of $2.35 billion.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 11 – Derivative Instruments and Hedging Activities

Risk Management Objective of Using Derivatives

The Company uses various financial instruments, including derivatives, to manage its exposure to interest rate risk. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to specific wholesale funding positions and assets.

Fair Values of Derivative Instruments on the Statement of Financial Condition

The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Statement of Financial Condition as of June 30, 2026 and 2025:

June 30, 2026

Asset Derivatives

Liability Derivatives

Location

Fair Value

Location

Fair Value

(In Thousands)

Derivatives designated as hedging instruments:

Interest rate contracts

Other assets

$

12,678

Other liabilities

$

—

Total

$

12,678

$

—

June 30, 2025

Asset Derivatives

Liability Derivatives

Location

Fair Value

Location

Fair Value

(In Thousands)

Derivatives designated as hedging instruments:

Interest rate contracts

Other assets

$

16,745

Other liabilities

$

5,149

Total

$

16,745

$

5,149

The Company uses derivatives to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company has entered into interest rate swaps, interest rate caps and interest rate floors as part of its interest rate risk management strategy. These interest rate products are designated as cash flow hedges. As of June 30, 2026, the Company had a total of 17 interest rate swaps, caps and floors with a total notional amount of $1.95 billion hedging specific wholesale funding and deposits, and two interest rate floors with a notional amount of $250.0 million hedging floating-rate available for sale securities.

For cash flow hedges on the Company's wholesale funding and deposits, amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made. During the year ended June 30, 2026, the Company reclassified a gain of $14.4 million as a reduction in interest expense. During the next 12 months, the Company estimates that $3.2 million will be reclassified as a reduction in interest expense.

For cash flow hedges on the Company’s securities, amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest income as interest payments are received on the Company’s hedged variable rate assets. During the year ended June 30, 2026, the Company reclassified a gain of $202,000 to interest income. During the next twelve months, the Company estimates that $445,000 will be reclassified as an increase in interest income.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 11 – Derivative Instruments and Hedging Activities (continued)

The table below presents the pre-tax effects of the Company’s derivative instruments designated as cash flow hedges on the Consolidated Statements of Income for the years ended June 30, 2026, 2025 and 2024:

			Year Ended June 30,
			2026						2025						2024
			(In Thousands)
Amount of gain (loss) recognized in other comprehensive income			$	11,640					$	(5,490)					$	20,197
Amount of gain reclassified from accumulated other comprehensive income (loss)   to interest expense			$	14,419					$	26,470					$	37,185
Amount of gain (loss) reclassified from accumulated other comprehensive income   to interest income			$	202					$	(57)					$	(247)

Fair Value Hedges of Interest Rate Risk

The Company is exposed to changes in the fair value of certain of its fixed-rate assets due to changes in benchmark interest rates. The Company uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate. Interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a counterparty in exchange for the Company receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. Such derivatives are used to hedge the changes in fair value of certain of its pools of fixed rate assets. As of June 30, 2026, the Company had five interest rate swaps with a notional amount of $675.0 million hedging fixed-rate residential mortgage loans.

For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivatives as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income.

The table below presents the effects of the Company’s derivative instruments designated as fair value hedges on the Consolidated Statements of Income for the years ended June 30, 2026 and 2025:

			Year Ended June 30,
			2026						2025
			(In Thousands)
(Loss) gain on hedged items recorded in interest income on loans			$	(4,467)					$	12,057
Gain (loss) on hedges recorded in interest income on loans			$	6,494					$	(5,356)

As of June 30, 2026 and 2025, the following amounts were recorded on the Statement of Financial Condition related to cumulative basis adjustment for fair value hedges:

			June 30, 2026						June 30, 2025
			(In Thousands)
Loans receivable:
Carrying amount of the hedged assets			$	673,270					$	777,737
Fair value hedging adjustment included in the carrying amount of the hedged assets			$	(1,730)					$	2,737

________________________________________

(1)This amount includes the amortized cost basis of the closed portfolios of loans receivable used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At June 30, 2026 and June 30, 2025, the amortized cost basis of the closed portfolios used in these hedging relationships was $1.06 billion and $1.24 billion, respectively.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 11 – Derivative Instruments and Hedging Activities (continued)

Offsetting Derivatives

The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives in the Consolidated Statement of Financial Condition as of June 30, 2026 and 2025, respectively. The net amounts presented for derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Consolidated Statement of Financial Condition.

			June 30, 2026
																					Gross Amounts Not Offset
			Gross Amount Recognized						Gross Amounts Offset						Net Amounts Presented						Financial Instruments						Cash Collateral Received (Posted)						Net Amount
			(In Thousands)
Assets:
Interest rate contracts designated as hedges			$	13,287					$	(609)					$	12,678					$	—					$	—					$	12,678
Total			$	13,287					$	(609)					$	12,678					$	—					$	—					$	12,678
																					Gross Amounts Not Offset
			Gross Amount Recognized						Gross Amounts Offset						Net Amounts Presented						Financial Instruments						Cash Collateral Posted						Net Amount
			(In Thousands)
Liabilities:
Interest rate contracts designated as hedges			$	609					$	(609)					$	—					$	—					$	—					$	—
Total			$	609					$	(609)					$	—					$	—					$	—					$	—

			June 30, 2025
																					Gross Amounts Not Offset
			Gross Amount Recognized						Gross Amounts Offset						Net Amounts Presented						Financial Instruments						Cash Collateral Received (Posted)						Net Amount
			(In Thousands)
Assets:
Interest rate contracts designated as hedges			$	19,412					$	(2,667)					$	16,745					$	—					$	—					$	16,745
Total			$	19,412					$	(2,667)					$	16,745					$	—					$	—					$	16,745
																					Gross Amounts Not Offset
			Gross Amount Recognized						Gross Amounts Offset						Net Amounts Presented						Financial Instruments						Cash Collateral Posted						Net Amount
Liabilities:
Interest rate contracts designated as hedges			$	7,816					$	(2,667)					$	5,149					$	—					$	(4,740)					$	409
Total			$	7,816					$	(2,667)					$	5,149					$	—					$	(4,740)					$	409

Credit Risk-Related Contingent Features

The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, then the Company could also be declared in default on its derivative obligations and could be required to terminate its derivative positions with the counterparty. The Company also has agreements with its derivative counterparties that contain a provision where if the Company fails to maintain its status as a well-capitalized institution, then the Company could be required to terminate its derivative positions with the counterparty. As of June 30, 2026, none of the Company’s derivative counterparties was in a net liability position.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 11 – Derivative Instruments and Hedging Activities (continued)

As required under the enforceable master netting arrangement with its derivatives counterparties, at June 30, 2026 the Company was not required to post financial collateral, and at June 30, 2025 the Company was required to post financial collateral of $4.7 million.

In addition to the derivative instruments noted above, the Company’s pipeline of loans held for sale at June 30, 2026 and 2025, included $19.1 million and $11.1 million, respectively, of in process loans whose terms included interest rate locks to borrowers, which are considered free-standing derivative instruments whose fair values are not material to our financial condition or results of operations.

Note 12 – Benefit Plans

Components of Net Periodic Expense

The following table sets forth the aggregate net periodic benefit expense for the Bank’s Benefit Equalization Plan, Postretirement Welfare Plan, Directors’ Consultation and Retirement Plan, Atlas Bank Retirement Income Plan and Supplemental Executive Retirement Plan:

			Year Ended June 30,																		Affected Line Item in the Consolidated Statements of Income
			2026						2025						2024
			(In Thousands)
Service cost			$	605					$	71					$	77					Salaries and employee benefits
Interest cost			410						360						369						Other expense
Accretion of unrecognized gain			(143)						(106)						(58)						Other expense
Expected return on assets			(90)						(90)						(92)						Other expense
Net periodic benefit cost			$	782					$	235					$	296

The other components of net periodic benefit cost are required to be presented in the Consolidated Statements of Income separately from the service cost component. The table above details the affected line items within the Consolidated Statements of Income related to the net periodic benefit costs for the periods noted.

ESOP

In conjunction to the Company’s initial public stock offering in February 2005, the Bank established an ESOP for all eligible employees. The ESOP purchased 2,409,764 shares of Company’s common stock with proceeds of a loan from the Company to the ESOP. In connection with the completion of the Company’s mutual to stock conversion in May 2015, the ESOP purchased an additional 3,612,500 shares of the Company’s common stock at a price of $10.00 per share with the proceeds of a new loan from the Company to the ESOP. The Company refinanced the outstanding principal and interest balance of $3.8 million and borrowed an additional $36.1 million to purchase the additional shares. The Company makes discretionary contributions to the ESOP equaling principal and interest payments owed on the ESOP’s loan to the Company. Such payments may be reduced by the amount of dividends paid on shares of the Company’s common stock held by the ESOP. The outstanding loan principal balance at June 30, 2026 was $20.6 million.

ESOP shares pledged as collateral are initially recorded as unearned ESOP shares in the Consolidated Statements of Financial Condition. ESOP compensation expense was approximately $1.5 million, $1.4 million and $1.4 million for the years ended June 30, 2026, 2025 and 2024, respectively, representing the fair value of shares allocated or committed to be released during the year.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 12 – Benefit Plans (continued)

At June 30, 2026 and 2025, the ESOP shares were as follows:

			June 30,
			2026						2025
			(In Thousands)
Shares purchased by ESOP			6,022						6,022
Less: Shares allocated			4,166						3,965
Less: Shares committed to be released			100						100
Remaining unearned ESOP shares			1,756						1,957
Fair value of unearned ESOP shares			$	16,612					$	12,642

Employee Stock Ownership Plan Benefit Equalization Plan (“ESOP BEP”)

The Bank has a non-qualified plan to compensate its executive officers who participate in the Bank’s ESOP for certain benefits lost under such plan by reason of benefit limitations imposed by the Internal Revenue Code (“IRC”). The ESOP BEP expense was approximately $19,000, $15,000 and $12,000 for the years ended June 30, 2026, 2025 and 2024, respectively. The liability totaled approximately $12,000 and $13,000 at June 30, 2026 and 2025, respectively.

Employees’ Savings and Profit Sharing Plan

The Bank sponsors the Employees’ Savings and Profit Sharing Plan and Trust (the “Plan”), pursuant to Section 401(k) of the Internal Revenue Code, for all eligible employees. Employees may elect to contribute up to 75% of their compensation subject to the limitations imposed by the Internal Revenue Code. The Bank will contribute a matching contribution up to 3.5% of an eligible employee’s salary deferral contribution, provided the eligible employee has contributed 6%. The Plan expense amounted to approximately $1.5 million, $1.5 million and $1.4 million for the years ended June 30, 2026, 2025 and 2024, respectively.

Multi-Employer Retirement Plan

The Bank participates in the Pentegra Defined Benefit Plan for Financial Institutions (“The Pentegra DB Plan”), a tax-qualified defined-benefit pension plan. The Pentegra DB Plan’s Employer Identification Number is 13-5645888 and the Plan Number is 001. The Pentegra DB Plan operates as a multi-employer plan for accounting purposes and as a multiple-employer plan under the Employee Retirement Income Security Act of 1974 and the IRC. There are no collective bargaining agreements in place that require contributions to the Pentegra DB Plan.

The Pentegra DB Plan is a single plan under Internal Revenue Code Section 413(c) and, as a result, all of the assets stand behind all of the liabilities. Accordingly, under the Pentegra DB Plan contributions made by a participating employer may be used to provide benefits to participants of other participating employers.

The Pentegra DB Plan is non-contributory and covers all eligible employees. In April 2007, the Board of Directors of the Bank approved, effective July 1, 2007, freezing all future benefit accruals under the Pentegra DB Plan.

Funded status (market value of plan assets divided by funding target) of the Pentegra DB Plan based on valuation reports as of July 1, 2025 and 2024 was 104.18% and 97.94%, respectively. Total contributions, made to the Pentegra DB Plan, which include contributions from all participating employers and not just the Company, as reported on Form 5500, were $67.2 million and $63.4 million for the plan years ended June 30, 2025 and 2024, respectively. The Bank’s contributions to the Pentegra DB Plan were not more than 5% of the total contributions to the Pentegra DB Plan. During the years ended June 30, 2026, 2025 and 2024, the total expense recorded for the Pentegra DB Plan was approximately $143,000, $252,000 and $172,000, respectively.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 12 – Benefit Plans (continued)

Atlas Bank Retirement Income Plan (“ABRIP”)

The Atlas Bank Retirement Income Plan ("ABRIP") is a non-contributory defined benefit pension plan acquired in connection with the Atlas Bank merger. The plan has been frozen to future benefit accruals since January 31, 2013 and remains funded in accordance with applicable regulatory requirements.

The following tables set forth the ABRIP’s funded status and net periodic benefit cost:

			June 30,
			2026						2025
			(In Thousands)
Change in benefit obligation:
Projected benefit obligation - beginning			$	1,521					$	1,570
Interest cost			83						82
Actuarial gain			(86)						17
Benefit payments			(143)						(148)
Projected benefit obligation - ending			$	1,375					$	1,521
Change in plan assets:
Fair value of assets - beginning			$	2,648					$	2,649
Actual return on assets			134						147
Benefit payments			(143)						(148)
Fair value of assets - ending			$	2,639					$	2,648
Reconciliation of funded status:
Projected benefit obligation			$	(1,375)					$	(1,521)
Fair value of assets			2,639						2,648
Funded status included in other assets			$	1,264					$	1,127
Accumulated benefit obligation			$	(1,375)					$	(1,521)
Valuation assumptions
Discount rate			5.75		%				5.75		%
Salary increase rate			N/A						N/A

			Years Ended June 30,
			2026						2025						2024
			(In Thousands)
Net periodic benefit cost:
Interest cost			$	83					$	82					$	81
Expected return on assets			(90)						(90)						(93)
Amortization of net loss			24						33						42
Total expense			$	17					$	25					$	30
Valuation assumptions
Discount rate			5.75		%				5.50		%				5.00		%
Long term rate of return on plan assets			3.50		%				3.50		%				3.50		%

The Bank does not expect to contribute to the ABRIP in the year ending June 30, 2027.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 12 – Benefit Plans (continued)

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

			Benefit Payments
			(In Thousands)
Years ending June 30:
2027			$	134
2028			132
2029			130
2030			127
2031			124
2032-2036			563

At June 30, 2026 and 2025, unrecognized net losses of $249,000 and $444,000, respectively, were included in accumulated other comprehensive loss.

The ABRIP's assets are invested in a Guaranteed Deposit Fund ("GDF") managed by Empower Retirement, LLC. The GDF is a group annuity fund invested in diversified public and private fixed-income securities through various sub-accounts. The underlying investments are valued using observable market data, including quoted prices for similar assets, and are not subject to redemption restrictions.

Management periodically monitors the ABRIP’s investments to ensure compliance with investment policies and reviews asset allocation and GDF performance. The ABRIP’s investment objective is to preserve principal while seeking an attractive rate of return through a diversified fixed-income strategy.

The fair value of the ABRIP’s assets at June 30, 2026 and 2025 by asset category (see Note 18 for the definitions of levels), are as follows:

			June 30, 2026
			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
			(In Thousands)
Empower Guaranteed Deposit Fund			$	—					$	2,639					$	—					$	2,639

			June 30, 2025
			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
			(In Thousands)
Empower Guaranteed Deposit Fund			$	—					$	2,648					$	—					$	2,648

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 12 – Benefit Plans (continued)

Benefit Equalization Plan (“BEP”)

The Bank has an unfunded non-qualified plan to compensate executive officers of the Bank who participate in the Bank’s qualified defined benefit plan for certain benefits lost under such plans by reason of benefit limitations imposed by Sections 415 and 401 of the IRC. There were approximately $178,000, $196,000 and $246,000 in contributions made to and benefits paid under the BEP during each of the years ended June 30, 2026, 2025 and 2024, respectively.

The following tables set forth the BEP’s funded status and components of net periodic benefit cost:

			June 30,
			2026						2025
			(In Thousands)
Change in benefit obligation:
Projected benefit obligation - beginning			$	1,824					$	2,254
Interest cost			100						117
Actuarial loss (gain)			26						(351)
Benefit payments			(178)						(196)
Projected benefit obligation - ending			$	1,772					$	1,824
Change in plan assets:
Fair value of assets - beginning			$	—					$	—
Contributions			178						196
Benefit payments			(178)						(196)
Fair value of assets - ending			$	—					$	—
Reconciliation of funded status:
Accumulated benefit obligation			$	(1,772)					$	(1,824)
Projected benefit obligation			$	(1,772)					$	(1,824)
Fair value of assets			—						—
Funded status included in other liabilities			$	(1,772)					$	(1,824)
Valuation assumptions
Discount rate			5.75		%				5.75		%
Salary increase rate			N/A						N/A

			Years Ended June 30,
			2026						2025						2024
			(In Thousands)
Net periodic benefit cost:
Interest cost			$	100					$	117					$	115
Amortization of net actuarial loss			—						38						42
Total expense			$	100					$	155					$	157
Valuation assumptions
Discount rate			5.75		%				5.50		%				5.00		%
Salary increase rate			N/A						N/A						N/A

It is estimated that contributions of approximately $178,000 will be made during the year ending June 30, 2027.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 12 – Benefit Plans (continued)

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

			Benefit Payments
			(In Thousands)
Years ending June 30:
2027			$	178
2028			179
2029			179
2030			179
2031			178
2032-2036			831

In April 2007, the Board of Directors of the Bank approved, effective July 1, 2007, freezing all future benefit accruals under the BEP related to the Bank’s defined benefit pension plan.

At June 30, 2026 and 2025, unrecognized net losses of $180,000 and $155,000, respectively, were included in accumulated other comprehensive loss in each period.

Postretirement Welfare Plan

The Bank has an unfunded postretirement group term life insurance plan covering all eligible employees. The benefits are based on age and years of service. During the years ended June 30, 2026, 2025 and 2024, contributions and benefits paid totaled $14,000, $13,000, and $13,000 respectively.

The following tables set forth the accrued accumulated postretirement benefit obligation and the net periodic benefit cost:

			June 30,
			2026						2025
			(In Thousands)
Change in benefit obligation:
Projected benefit obligation - beginning			$	976					$	1,062
Service cost			68						71
Interest cost			54						57
Actuarial gain			(86)						(201)
Premiums/claims paid			(14)						(13)
Plan amendments			—						—
Projected benefit obligation - ending			$	998					$	976
Change in plan assets:
Fair value of assets - beginning			$	—					$	—
Contributions			14						13
Premiums/claims paid			(14)						(13)
Fair value of assets - ending			$	—					$	—
Reconciliation of funded status:
Projected benefit obligation			$	(998)					$	(976)
Fair value of assets			—						—
Funded status included in other liabilities			$	(998)					$	(976)
Valuation assumptions
Discount rate			5.75		%				5.75		%
Salary increase rate			3.25		%				3.25		%

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 12 – Benefit Plans (continued)

			Years Ended June 30,
			2026						2025						2024
			(In Thousands)
Net periodic benefit cost:
Service cost			$	68					$	71					$	79
Interest cost			54						57						50
Amortization of net actuarial gain			(66)						(48)						(42)
Total expense			$	56					$	80					$	87
Valuation assumptions
Discount rate			5.75		%				5.50		%				5.00		%
Salary increase rate			3.25		%				3.25		%				3.25		%

It is estimated that contributions of approximately $64,000 will be made during the year ending June 30, 2027.

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

			Benefit Payments
			(In Thousands)
Years ending June 30:
2027			$	64
2028			81
2029			97
2030			105
2031			160
2032-2036			476

At June 30, 2026 and 2025, unrecognized net gains of $748,000 and $729,000, respectively, were included in accumulated other comprehensive income (loss).

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 12 – Benefit Plans (continued)

Directors’ Consultation and Retirement Plan (“DCRP”)

The Bank has an unfunded retirement plan for non-employee directors. The benefits are payable based on term of service as a director. In December 2015, the Board of Directors of the Bank approved freezing all future benefit accruals under the DCRP effective December 31, 2015.

During the years ended June 30, 2026, 2025 and 2024, contributions and benefits paid totaled $128,000, $79,000 and $49,000, respectively.

The following table sets forth the DCRP’s funded status and components of net periodic cost:

			June 30,
			2026						2025
			(In Thousands)
Change in benefit obligation:
Projected benefit obligation - beginning			$	2,483					$	2,414
Interest cost			138						130
Actuarial (gain) loss			(61)						18
Benefit payments			(128)						(79)
Projected benefit obligation - ending			$	2,432					$	2,483
Change in plan assets:
Fair value of assets - beginning			$	—					$	—
Contributions			128						79
Benefit payments			(128)						(79)
Fair value of assets - ending			$	—					$	—
Reconciliation of funded status:
Accumulated benefit obligation			$	(2,432)					$	(2,483)
Projected benefit obligation			$	(2,432)					$	(2,483)
Fair value of assets			—						—
Funded status included in other liabilities			$	(2,432)					$	(2,483)
Valuation assumptions
Discount rate			5.75		%				5.75		%
Salary increase rate			N/A						N/A

			Years Ended June 30,
			2026						2025						2024
			(In Thousands)
Net periodic benefit cost:
Interest cost			$	138					$	130					$	124
Amortization of net actuarial gain			(101)						(128)						(99)
Total expense			$	37					$	2					$	25
Valuation assumptions
Discount rate			5.75		%				5.50		%				5.00		%
Salary increase rate			N/A						N/A						N/A

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 12 – Benefit Plans (continued)

It is estimated that contributions of approximately $177,000 will be made during the year ending June 30, 2027.

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

			Benefit Payments
			(In Thousands)
Years ending June 30:
2027			$	177
2028			193
2029			248
2030			295
2031			254
2032-2036			1,252

At June 30, 2026 and 2025, unrecognized net gains of $735,000 and $775,000, respectively, were included in accumulated other comprehensive income (loss).

Supplemental Executive Retirement Plan (“SERP”)

On June 16, 2021, the Bank approved the SERP, effective as of July 1, 2021. The SERP is a non-qualified deferred compensation plan which provides participants with a retirement benefit equal to the present value of an annual benefit of 50% of the participant’s highest annual base salary. In December 2022, the Board of Directors of the Bank approved freezing all future benefit accruals under the SERP effective December 31, 2022. In June 2025, the Board of Directors of the Bank approved unfreezing future benefit accruals under the SERP effective July 1, 2025.

The following tables set forth the SERP’s funded status and net periodic benefit cost:

			June 30,
			2026						2025
			(In Thousands)
Change in benefit obligation:
Projected benefit obligation - beginning			$	633					$	633
Service cost			537						—
Interest cost			49						—
Projected benefit obligation - ending			$	1,219					$	633
Reconciliation of funded status:
Projected benefit obligation			$	(1,219)					$	(633)
Fair value of assets			—						—
Funded status included in other liabilities			$	(1,219)					$	(633)
Valuation assumptions
Discount rate			5.75		%				—		%
Salary increase rate			4.00		%				N/A

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 12 – Benefit Plans (continued)

			Year Ended June 30,
			2026						2025
			(In Thousands)
Net periodic benefit cost:
Service cost			$	537					$	—
Interest cost			49						—
Total expense			$	586					$	—
Valuation assumptions
Discount rate			5.75		%				—		%
Salary increase rate			4.00		%				—		%

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

			Benefit Payments
			(In Thousands)
Years ending June 30:
2027			$	—
2028			—
2029			—
2030			—
2031			—
2032-2036			1,219

Note 13 – Stock Based Compensation

Kearny Financial Corp. 2021 Equity Incentive Plan (“2021 Plan”)

At the Company’s 2021 Annual Meeting of Stockholders held on October 28, 2021, the stockholders approved the 2021 Plan which provides for the grant of stock options, restricted stock and restricted stock units (“RSUs”). The 2021 Plan authorized the issuance of up to 7,500,000 shares (the “Share Limit”); provided, however that the Share Limit is reduced, on a one-for-one-basis, for each share of common stock subject to a stock option grant, and on a three-for-one basis for each share of common stock issued pursuant to restricted stock awards or RSUs.

During the years ended June 30, 2026 and 2025, the Company granted 484,802 RSUs (comprised of 350,868 service-based RSUs and 133,934 performance-based RSUs) and 380,007 RSUs (comprised of 278,530 service-based RSUs and 101,477 performance-based RSUs), respectively. The service-based RSUs generally vest in three tranches over a period of 3.0 years and the performance-based RSUs will cliff vest upon the achievement of performance measures over a 3-year period. The total number of performance-based RSUs that will vest, if any, will depend on whether and to what extent the performance measures are achieved. Common stock will be issued from authorized shares upon the vesting of the RSUs. At June 30, 2026, there were 2,838,342 shares remaining available for future grants of stock options, restricted stock or RSUs under the 2021 Plan, subject to the limitations noted above.

Kearny Financial Corp. 2016 Equity Incentive Plan (“2016 Plan”)

No grants were made under the 2016 Plan during the years ended June 30, 2026 and 2025. As of October 28, 2021, the 2016 Plan was frozen and the Company no longer makes grants under the 2016 Plan.

Stock options granted under the 2016 Plan vest in equal installments over a five-year service period. Stock options were granted at an exercise price equal to the fair value of the Company's common stock on the grant date based on the closing market price and have an expiration period of 10 years. No stock options were granted during the years ended June 30, 2026, 2025 and 2024.

There were no restricted stock awards granted during the years ended June 30, 2026, 2025 and 2024.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 13 – Stock Based Compensation (continued)

2021 Plan and 2016 Plan

The following table presents stock-based compensation expense for the years ended June 30, 2026, 2025 and 2024:

			Years Ended June 30,
			2026						2025						2024
			(In Thousands)
Stock option expense			$	—					$	—					$	58
Restricted stock expense			43						101						323
Restricted stock unit expense			2,267						1,714						2,211
Total stock-based compensation expense			$	2,310					$	1,815					$	2,592

During the years ended June 30, 2026, 2025 and 2024, the income tax benefit attributed to our stock-based compensation expense was $671,000, $528,000 and $746,000, respectively.

Stock Options

The following is a summary of the Company’s stock option activity and related information for its option plans for the year ended June 30, 2026:

			Stock Options						Weighted Average Exercise Price						Weighted Average Remaining Contractual Term						Aggregate Intrinsic Value
			(In Thousands)																		(In Thousands)
Outstanding at June 30, 2025			2,745						$	15.13					1.5 years						$	—
Granted			—						—						—
Exercised			—						—						—
Forfeited			(340)						15.35
Outstanding at June 30, 2026			2,405						$	15.11					0.7 years						$	—
Exercisable at June 30, 2026			2,405						$	15.11					0.7 years						$	—

The Company generally issues shares from authorized but unissued shares upon the exercise of vested options.

There were no vested options exercised during the years ended June 30, 2026, 2025 or 2024.

Restricted Stock

Restricted shares awarded under the 2016 Plan generally vest in equal installments over a five-year service period. In addition to the requisite service period, the vesting of certain restricted shares awarded to management are also conditioned upon the achievement of one or more objective performance factors established by the Compensation Committee of the Company’s Board of Directors. In accordance with the terms of the 2016 Plan, such factors may be based on the performance of the Company as a whole or on any one or more business units of the Company or its subsidiaries. Performance factors may be measured relative to a peer group, an index or certain financial targets established in the Company's strategic business plan and budget.

The Company fully achieved the applicable performance targets for fiscal 2025 and therefore all eligible performance-based restricted shares successfully vested during the year ended June 30, 2026.

The performance factors and underlying cost basis of the remaining unvested performance-based restricted shares are generally expected to be determined annually concurrent with the anniversary date of the original grants.

For service based awards management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period. For performance vesting awards management recognizes compensation expense for the fair

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 13 – Stock Based Compensation (continued)

value of restricted shares on a straight-line basis over the requisite service period; however, if the corporate performance goals to which the vesting of such shares are tied are not achieved, recognized compensation expense is adjusted accordingly.

The following is a summary of the Company’s restricted share award activity for the year ended June 30, 2026:

			Vesting Contingent on Service Conditions												Vesting Contingent on Performance Conditions
			Restricted Shares						Weighted Average Grant Date Fair Value						Restricted Shares						Weighted Average Grant Date Fair Value
			(In Thousands)												(In Thousands)
Non-vested at June 30, 2025			5						$	13.11					5						$	5.90
Granted			—						—						—						—
Vested			(3)						13.11						(2)						5.90
Forfeited			(2)						13.11						(3)						5.90
Non-vested at June 30, 2026			—						$	—					—						$	—

As of June 30, 2026, there were zero non-vested restricted share awards outstanding. During the years ended June 30, 2025 and 2024, the total fair value of vested restricted shares was $63,000 and $767,000, respectively.

Restricted Stock Units

RSUs awarded under the 2021 Plan generally vest in equal installments over a specified service period. In addition to the requisite service period, the vesting of certain RSUs are also conditioned upon the achievement of one or more objective performance measures established by the Compensation Committee of the Company’s Board of Directors. In accordance with the terms of the 2021 Plan, such measures may be based on the performance of the Company as a whole or on any one or more business units of the Company or its subsidiaries. Performance measures may be measured relative to a peer group, an index or certain financial targets established in the Company’s strategic business plan and budget.

For service-based RSUs, the Company recognizes compensation expense for the fair value of RSUs on a straight-line basis over the requisite service period of each tranche. For performance-based RSUs, the Company recognizes compensation expense for the fair value of RSUs on a straight-line basis over the requisite service period; however, the compensation will be adjusted accordingly based on the achievement of the performance measures.

The following is a summary of the Company’s RSU activity for the year ended June 30, 2026:

			Vesting Contingent on Service Conditions												Vesting Contingent on Performance Conditions
			Restricted Stock Units						Weighted Average Grant Date Fair Value						Restricted Stock Units						Weighted Average Grant Date Fair Value
			(In Thousands)												(In Thousands)
Non-vested at June 30, 2025			512						$	7.77					281						$	8.73
Granted			351						5.86						134						5.86
Vested			(238)						8.65						—						—
Forfeited			(23)						7.39						(101)						11.17
Non-vested at June 30, 2026			602						$	6.32					314						$	6.72

Expected future compensation expense relating to the 916,000 non-vested RSUs at June 30, 2026 is $2.9 million over a weighted average period of 1.5 years.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 14 – Stockholders’ Equity

Regulatory Capital

The Bank and the Company are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank and consolidated Company must meet specific capital guidelines that involve quantitative measures of their respective assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s and consolidated Company’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weighting, and other factors.

The minimum capital level requirements applicable to both the Bank and the consolidated Company include: (i) a common equity Tier 1 capital ratio of 4.5%; (ii) a Tier 1 capital ratio of 6%; (iii) a total capital ratio of 8%; and (iv) a Tier 1 leverage ratio of 4% for all institutions. The Bank and the consolidated Company are also required to maintain a “capital conservation buffer” of 2.5% above the regulatory minimum capital ratios which results in the following minimum ratios: (i) a common equity Tier 1 capital ratio of 7.0%; (ii) a Tier 1 capital ratio of 8.5%; and (iii) a total capital ratio of 10.5%. An institution will be subject to limitations on paying dividends, engaging in share repurchases, and paying discretionary bonuses if its capital level falls below the buffer amount. These limitations will establish a maximum percentage of eligible retained income that could be utilized for such actions.

At June 30, 2026 and 2025, the regulatory capital ratios of both the Company and the Bank were in excess of the levels required by federal banking regulators to be classified as “well-capitalized” under regulatory guidelines.

The following tables present information regarding the Bank’s regulatory capital levels at June 30, 2026 and 2025:

			At June 30, 2026
			Actual												For Capital Adequacy Purposes												To Be Well Capitalized Under Prompt Corrective Action Provisions
			Amount						Ratio						Amount						Ratio						Amount						Ratio
			(Dollars in Thousands)
Total capital (to risk-weighted assets)			$	716,311					14.38		%				$	398,556					8.00		%				$	498,196					10.00		%
Tier 1 capital (to risk-weighted assets)			669,370						13.44		%				298,917						6.00		%				398,556						8.00		%
Common equity tier 1 capital (to risk-weighted assets)			669,370						13.44		%				224,188						4.50		%				323,827						6.50		%
Tier 1 capital (to adjusted total assets)			669,370						8.83		%				303,109						4.00		%				378,886						5.00		%

			At June 30, 2025
			Actual												For Capital Adequacy Purposes												To Be Well Capitalized  Under Prompt  Corrective Action Provisions
			Amount						Ratio						Amount						Ratio						Amount						Ratio
			(Dollars in Thousands)
Total capital (to risk-weighted assets)			$	704,969					14.49		%				$	389,184					8.00		%				$	486,481					10.00		%
Tier 1 capital (to risk-weighted assets)			662,232						13.61		%				291,888						6.00		%				389,184						8.00		%
Common equity tier 1 capital (to risk-weighted assets)			662,232						13.61		%				218,916						4.50		%				316,212						6.50		%
Tier 1 capital (to adjusted total assets)			662,232						8.68		%				305,162						4.00		%				381,453						5.00		%

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 14 – Stockholders’ Equity (continued)

The following tables present information regarding the consolidated Company’s regulatory capital levels at June 30, 2026 and 2025:

			At June 30, 2026
			Actual												For Capital Adequacy Purposes
			Amount						Ratio						Amount						Ratio
			(Dollars in Thousands)
Total capital (to risk-weighted assets)			$	761,657					15.27		%				$	398,916					8.00		%
Tier 1 capital (to risk-weighted assets)			714,716						14.33		%				299,187						6.00		%
Common equity tier 1 capital (to risk-weighted assets)			714,716						14.33		%				224,390						4.50		%
Tier 1 capital (to adjusted total assets)			714,716						9.41		%				303,751						4.00		%

			At June 30, 2025
			Actual												For Capital Adequacy Purposes
			Amount						Ratio						Amount						Ratio
			(Dollars in Thousands)
Total capital (to risk-weighted assets)			$	748,323					15.37		%				$	389,434					8.00		%
Tier 1 capital (to risk-weighted assets)			705,586						14.49		%				292,076						6.00		%
Common equity tier 1 capital (to risk-weighted assets)			705,586						14.49		%				219,057						4.50		%
Tier 1 capital (to adjusted total assets)			705,586						9.23		%				305,661						4.00		%

Federal banking regulators impose various restrictions or requirements on the ability of savings institutions to make capital distributions, including cash dividends. A savings institution that is a subsidiary of a savings and loan holding company, such as the Bank, must file an application or a notice with federal banking regulators at least 30 days before making a capital distribution. A savings institution must file an application for prior approval of a capital distribution if: (i) it is not eligible for expedited treatment under the applications processing rules of federal banking regulators; (ii) the total amount of all capital distributions, including the proposed capital distribution, for the applicable calendar year would exceed an amount equal to the savings institution’s net income for that year to date plus the institution’s retained net income for the preceding two years; (iii) it would not adequately be capitalized after the capital distribution; or (iv) the distribution would violate an agreement with federal banking regulators or applicable regulations. Federal banking regulators may disapprove a notice or deny an application for a capital distribution if: (i) the savings institution would be undercapitalized following the capital distribution; (ii) the proposed capital distribution raises safety and soundness concerns; or (iii) the capital distribution would violate a prohibition contained in any statute, regulation or agreement.

During the fiscal year ended June 30, 2026, an application for quarterly capital distributions from the Bank to the Company was approved by federal banking regulators. The amount of dividends payable is based on 85% of quarterly net income of the Bank.

During the years ended June 30, 2026, 2025 and 2024, dividends paid by the Bank to the Company, in conjunction with quarterly capital distributions, as discussed above, totaled $31.0 million, $16.8 million and $19.3 million, respectively.

Stock Repurchase Plans

During the year ended June 30, 2026, the Company did not repurchase any of its common stock.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 15 – Income Taxes

The components of income taxes are as follows:

			Years Ended June 30,
			2026						2025						2024
			(In Thousands)
Current income tax expense:
Federal			$	8,445					$	3,709					$	4,352
State			1,477						2,157						2,406
			9,922						5,866						6,758
Deferred income tax expense:
Federal			(746)						(156)						4
State			396						(786)						(871)
			(350)						(942)						(867)
Valuation allowance			1,566						—						—
Total income tax expense			$	11,138					$	4,924					$	5,891

The following table presents a reconciliation between the reported income taxes for the periods presented and the income taxes which would be computed by applying the federal income tax rates applicable to those periods. The federal income tax rate of 21% was applicable for the years ended June 30, 2026, 2025 and 2024.

			Years Ended June 30,
			2026									2025									2024
			Amount			Percent						Amount			Percent						Amount			Percent
			(Dollars In Thousands)
Income (loss) before income taxes			$	47,402								$	30,999								$	(80,776)
U.S federal statutory tax rate			9,954			21.0		%				6,510			21.0		%				(16,963)			21.0		%
Increases in income taxes resulting from:
State tax, net of federal tax effect (1)			1,888			4.0						$	1,083		3.5						1,213			(1.5)
Goodwill impairment			—			—						—			—						18,935			(23.4)
Surrender of bank-owned life insurance policies			—			—						—			—						4,477			(5.5)
Nontaxable or non-deductible items
Income from bank-owned life insurance			(2,262)			(4.8)						(2,235)			(7.2)						(1,902)			2.4
ESOP shares released and dividends paid			(344)			(0.7)						(353)			(1.1)						(331)			0.4
Other nontaxable or non-deductible			537			1.1						180			0.6						211			(0.3)
Other reconciling items			(201)			(0.4)						(261)			(0.8)						251			(0.3)
			9,572									4,924									5,891
Valuation allowance			1,566			3.3		%				—			—		%				—			—		%
Total income tax expense			$	11,138								$	4,924								$	5,891
Effective income tax rate			23.50		%							15.88		%							(7.29)		%

________________________________________

(1)    State taxes in New Jersey made up the majority (greater than 50 percent) of the tax effect in this category.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 15 – Income Taxes (continued)

The effective income tax rate represents total income tax expense divided by income before income taxes. Retained earnings at June 30, 2026, includes approximately $38.4 million of bad debt allowance, pursuant to the IRC, for which income taxes have not been provided. If such amount is used for purposes other than to absorb bad debts, including distributions in liquidation, it will be subject to income tax at the then current rate.

A tax position is recognized if it is more likely than not that the position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation process, if any. A tax position that meets the more likely than not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more likely than not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment.

Realization of deferred tax assets is dependent upon the generation of future taxable income or the existence of sufficient taxable income within the applicable carry over period. A valuation allowance is provided when it is more likely than not that some portion of the deferred tax assets will not be realized. In assessing the need for a valuation allowance, management considers the scheduled reversal of the deferred tax liabilities, the level of historical taxable income, and the projected future taxable income over the periods in which the temporary differences comprising the deferred tax assets will be deductible.

During the year ended June 30, 2026, the Company established a $1.6 million valuation allowance against a deferred tax asset related to certain non-qualified legacy stock options. This valuation allowance does not affect management's conclusion that the Company's remaining deferred tax assets are more likely than not to be realized.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 15 – Income Taxes (continued)

The tax effects of existing temporary differences that give rise to deferred income tax assets and liabilities are as follows:

			June 30,
			2026						2025
			(In Thousands)
Deferred income tax assets:
Purchase accounting			$	2,587					$	3,140
Accumulated other comprehensive income
Unrealized loss on securities available for sale			27,993						32,542
Allowance for credit losses			13,143						13,161
Benefit plans			2,609						2,596
Compensation			1,687						1,268
Stock-based compensation			2,314						2,689
Uncollected interest			1,609						1,581
Depreciation			2,461						2,634
Net operating loss carryover			838						1,522
Capital loss carryforward			662						703
Other items			716						643
Total deferred tax assets before valuation allowance			56,619						62,479
Valuation allowance			(1,566)						—
Total deferred tax assets			55,053						62,479
Deferred income tax liabilities:
Deferred loan fees and costs			1,627						1,756
Accumulated other comprehensive income
Derivatives			1,986						2,844
Defined benefit plans			307						276
Goodwill			2,434						2,400
Total deferred tax liabilities			6,354						7,276
Net deferred income tax asset			$	48,699					$	55,203

The following table presents income taxes paid for the years ended June 30, 2026, 2025 and 2024:

			Years Ended June 30,
			2026						2025						2024
			(Dollars In Thousands)
Federal taxes paid			$	6,800					$	2,300					$	5,400
State and city taxes paid:
New Jersey			1,200						545						350
New York			506						514						565
New York City			398						693						299
Other			53						10						20
Total state and city taxes paid			2,157						1,762						1,234
Total income taxes paid			$	8,957					$	4,062					$	6,634

The Company and its subsidiaries are subject to U.S. federal income tax, as well as income tax of the state of New Jersey and various other states. The Company is generally no longer subject to examination by federal, state and local taxing authorities for tax years prior to June 30, 2023.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 16 – Commitments

The Bank is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. These transactions involve elements of credit and interest rate risk in excess of the amounts recognized in the Consolidated Statements of Financial Condition. The Bank's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual notional amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments.

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained if deemed necessary by the Bank upon extension of credit is based on management’s credit evaluation of the borrower. At June 30, 2026 and 2025, the Bank had $489.0 million and $319.1 million in commitments to originate loans, including unused lines of credit.

The Bank is party to standby letters of credit through which it guarantees certain specific business obligations of its commercial customers. The balance of standby letters of credit at June 30, 2026 and 2025 was approximately $138,000 and $160,000, respectively.

In addition to the commitments noted above, at June 30, 2026, the Company’s pipeline of loans held for sale included $19.1 million of in-process loans whose terms included interest rate locks to borrowers that were paired with a best-efforts commitment to sell the loan to a buyer at a fixed price within a predetermined timeframe after the sale commitment is established.

The Company and its subsidiaries are also party to litigation which arises primarily in the ordinary course of business. In the opinion of management, the ultimate disposition of such litigation should not have a material adverse effect on the consolidated financial position of the Company.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 17 – Fair Value of Financial Instruments

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:

Level 1:			Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.
Level 2:			Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability or inputs that are derived principally from, or corroborated by, market data by correlation or other means.
Level 3:			Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

Assets Measured on a Recurring Basis:

The following methods and significant assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a recurring basis at June 30, 2026 and 2025:

Investment Securities Available for Sale

The Company’s available for sale investment securities are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the securities’ terms and conditions, among other things. From time to time, the Company validates prices supplied by the independent pricing service by comparison to prices obtained from third-party sources or derived using internal models.

Derivatives

The Company has contracted with a third party vendor to provide periodic valuations for its interest rate derivatives to determine the fair value of its interest rate caps and swaps. The vendor utilizes standard valuation methodologies applicable to interest rate derivatives such as discounted cash flow analysis and extensions of the Black-Scholes model. Such valuations are based upon readily observable market data and are therefore considered Level 2 valuations by the Company.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 17 – Fair Value of Financial Instruments (continued)

Those assets measured at fair value on a recurring basis are summarized below:

			June 30, 2026
			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
			(In Thousands)
Assets:
Debt securities available for sale:
Obligations of state and political subdivisions			$	—					$	—					$	—					$	—
Asset-backed securities			—						38,062						—						38,062
Collateralized loan obligations			—						233,659						—						233,659
Corporate bonds			—						152,169						—						152,169
Total debt securities			—						423,890						—						423,890
Mortgage-backed securities available for sale:
Collateralized mortgage obligations			—						24,121						—						24,121
Residential pass-through securities			—						388,103						—						388,103
Commercial pass-through securities			—						128,255						—						128,255
Total mortgage-backed securities			—						540,479						—						540,479
Total securities available for sale			$	—					$	964,369					$	—					$	964,369
Interest rate contracts			$	—					$	12,678					$	—					$	12,678
Total assets			$	—					$	977,047					$	—					$	977,047
Liabilities:
Interest rate contracts			$	—					$	—					$	—					$	—
Total liabilities			$	—					$	—					$	—					$	—

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 17 – Fair Value of Financial Instruments (continued)

			June 30, 2025
			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
			(In Thousands)
Assets:
Debt securities available for sale:
Obligations of state and political subdivisions			$	—					$	—					$	—					$	—
Asset-backed securities			—						59,498						—						59,498
Collateralized loan obligations			—						323,245						—						323,245
Corporate bonds			—						140,117						—						140,117
Total debt securities			—						522,860						—						522,860
Mortgage-backed securities available for sale:
Collateralized mortgage obligations			—						—						—						—
Residential pass-through securities			—						357,319						—						357,319
Commercial pass-through securities			—						132,790						—						132,790
Total mortgage-backed securities			—						490,109						—						490,109
Total securities available for sale			$	—					$	1,012,969					$	—					$	1,012,969
Interest rate contracts			$	—					$	16,745					$	—					$	16,745
Total assets			$	—					$	1,029,714					$	—					$	1,029,714
Liabilities:
Interest rate contracts			$	—					$	5,149					$	—					$	5,149
Total liabilities			$	—					$	5,149					$	—					$	5,149

Assets Measured on a Non-Recurring Basis:

The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a non-recurring basis at June 30, 2026 and 2025:

Individually Analyzed Collateral Dependent Loans:

The fair value of collateral dependent loans that are individually analyzed is determined based upon the appraised fair value of the underlying collateral, less costs to sell. Such collateral primarily consists of real estate and, to a lesser extent, other business assets. Management may also adjust appraised values to reflect estimated changes in market values or apply other adjustments to appraised values resulting from its knowledge of the collateral. Internal valuations may be utilized to determine the fair value of other business assets. For non-collateral-dependent loans, management estimates fair value using discounted cash flows based on inputs that are largely unobservable and instead reflect management’s own estimates of the assumptions as a market participant would in pricing such loans. Individually analyzed collateral dependent loans are considered a Level 3 valuation by the Company.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 17 – Fair Value of Financial Instruments (continued)

Those assets measured at fair value on a non-recurring basis are summarized below:

			June 30, 2026
			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
			(In Thousands)
Collateral dependent loans:
Multi-family mortgage			$	—					$	—					$	17,386					$	17,386
Total			$	—					$	—					$	17,386					$	17,386
Other real estate owned, net:
Nonresidential			$	—					$	—					$	5,519					$	5,519
Total			$	—					$	—					$	5,519					$	5,519

			June 30, 2025
			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
			(In Thousands)
Collateral dependent loans:
Multi-family mortgage			$	—					$	—					$	16,385					$	16,385
Nonresidential mortgage			—						—						4,697						4,697
Total			$	—					$	—					$	21,082					$	21,082

The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value:

			June 30, 2026
			Fair Value						Valuation Techniques						Unobservable Input						Range						Weighted Average
			(Dollars in Thousands)
Collateral dependent loans:
Multi-family mortgage			$	17,386					Market valuation of underlying collateral			(1)			Adjustments to reflect current conditions/selling costs			(2)			6.00% - 21.00%						13.54		%
Total			$	17,386
Other real estate owned, net:
Nonresidential			$	5,519					Market valuation of underlying collateral			(3)			Adjustments to reflect current conditions/selling costs			(2)			4.00%						4.00		%
Total			$	5,519

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 17 – Fair Value of Financial Instruments (continued)

			June 30, 2025
			Fair Value						Valuation Techniques						Unobservable Input						Range						Weighted Average
			(Dollars in Thousands)
Collateral dependent loans:
Multi-family mortgage			$	16,385					Market valuation of underlying collateral			(1)			Adjustments to reflect current conditions/selling costs			(2)			6.00% - 24.00%						15.08		%
Nonresidential mortgage			4,697						Market valuation of underlying collateral			(1)			Adjustments to reflect current conditions/selling costs			(2)			9.44%						9.44		%
Total			$	21,082

________________________________________

(1)    The fair value basis of collateral dependent loans is generally determined based on an independent appraisal of the fair value of a loan’s underlying collateral.

(2)    The fair value basis of collateral dependent loans and other real estate owned is adjusted to reflect management estimates of selling costs including, but not limited to, real estate brokerage commissions and title transfer fees.

(3)    The fair value basis of other real estate owned is generally determined based upon the lower of an independent appraisal of the property’s fair value or the applicable listing price or contracted sales price.

At June 30, 2026, collateral dependent loans valued using Level 3 inputs comprised loans with principal balance totaling $18.4 million and valuation allowance of $1.1 million reflecting an aggregate fair value of $17.4 million. By comparison, at June 30, 2025, collateral dependent loans valued using Level 3 inputs comprised loans with principal balance totaling $22.5 million and valuation allowances of $1.4 million reflecting an aggregate fair value of $21.1 million.

Once a loan is foreclosed, the fair value of the other real estate owned continues to be evaluated based upon the fair value of the repossessed real estate originally securing the loan. At June 30, 2026 the Company held two nonresidential properties in other real estate owned with an aggregate carrying value of $5.5 million that were acquired through foreclosure. At June 30, 2025, the Company had no other real estate owned assets.

The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of June 30, 2026 and 2025:

			June 30, 2026
			Carrying Amount						Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			(In Thousands)
Financial assets:
Cash and cash equivalents			$	114,823					$	114,823					$	114,823					$	—					$	—
Investment securities available for sale			964,369						964,369						—						964,369						—
Investment securities held to maturity			106,814						95,005						—						95,005						—
Loans held-for-sale			6,022						6,082						—						6,082						—
Net loans receivable			5,829,829						5,520,603						—						—						5,520,603
FHLB Stock			59,726						—						—						—						—
Interest receivable			27,875						27,875						24						5,815						22,036
Interest rate contracts			12,678						12,678						—						12,678						—
Financial liabilities:
Deposits other than certificates of deposits			$	3,768,949					$	3,768,949					$	3,768,949					$	—					$	—
Certificates of deposits			1,940,676						1,934,550						—						—						1,934,550
Borrowings			1,150,000						1,149,254						—						—						1,149,254
Interest payable on deposits			3,459						3,459						654						—						2,805
Interest payable on borrowings			4,146						4,146						—						—						4,146

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Table of Contents

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 17 – Fair Value of Financial Instruments (continued)

			June 30, 2025
			Carrying Amount						Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			(In Thousands)
Financial assets:
Cash and cash equivalents			$	167,269					$	167,269					$	167,269					$	—					$	—
Investment securities available for sale			1,012,969						1,012,969						—						1,012,969						—
Investment securities held to maturity			120,217						106,712						—						106,712						—
Loans held-for-sale			5,931						6,069						—						6,069						—
Net loans receivable			5,766,746						5,309,760						—						—						5,309,760
FHLB Stock			64,261						—						—						—						—
Interest receivable			28,098						28,098						40						6,930						21,128
Interest rate contracts			16,745						16,745						—						16,745						—
Financial liabilities:
Deposits other than certificates of deposits			$	3,698,643					$	3,698,643					$	3,698,643					$	—					$	—
Certificates of deposits			1,976,574						1,970,863						—						—						1,970,863
Borrowings			1,256,491						1,257,269						—						—						1,257,269
Interest payable on deposits			5,259						5,259						1,710						—						3,549
Interest payable on borrowings			3,455						3,455						—						—						3,455
Interest rate contracts			5,149						5,149						—						5,149						—

Commitments. The fair value of commitments to fund credit lines and originate or participate in loans held in portfolio or loans held for sale is estimated using fees currently charged to enter into similar agreements taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, including those relating to loans held for sale that are considered derivative instruments for financial statement reporting purposes, the fair value also considers the difference between current levels of interest and the committed rates. The carrying value, represented by the net deferred fee arising from the unrecognized commitment, and the fair value, determined by discounting the remaining contractual fee over the term of the commitment using fees currently charged to enter into similar agreements with similar credit risk, is not considered material for disclosure.

Limitations. Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instruments. These estimates do not reflect any premium or discount that could result from offering for sale at one time the entire holdings of a particular financial instrument. Because no fair value exists for a significant portion of the financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature, involve uncertainties and matters of judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

The fair value estimates are based on existing on-and-off balance sheet financial instruments without attempting to value anticipated future business and the value of assets and liabilities that are not considered financial instruments. Other significant assets and liabilities that are not considered financial assets and liabilities include premises and equipment, and advances from borrowers for taxes and insurance. In addition, the ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates.

Finally, reasonable comparability between financial institutions may not be likely due to the wide range of permitted valuation techniques and numerous estimates which must be made given the absence of active secondary markets for many of the financial instruments. This lack of uniform valuation methodologies introduces a greater degree of subjectivity to these estimated fair values.

F-67

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Table of Contents

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 18 – Comprehensive Income (Loss)

The components of accumulated other comprehensive loss included in stockholders’ equity are as follows:

			June 30,
			2026						2025
			(In Thousands)
Net unrealized loss on securities available for sale			$	(96,495)					$	(112,142)
Tax effect			27,993						32,542
Net of tax amount			(68,502)						(79,600)
Fair value adjustments on derivatives			6,789						9,770
Tax effect			(1,986)						(2,844)
Net of tax amount			4,803						6,926
Benefit plan adjustments			1,054						946
Tax effect			(307)						(276)
Net of tax amount			747						670
Total accumulated other comprehensive loss			$	(62,952)					$	(72,004)

Other comprehensive income (loss) and related tax effects are presented in the following table:

			Years Ended June 30,
			2026						2025						2024
			(In Thousands)
Net unrealized gain on securities available for sale			$	15,647					$	18,531					$	7,330
Net realized loss on securities available for sale (1)			—						—						18,135
Fair value adjustments on derivatives			(2,981)						(31,903)						(16,741)
Benefit plans:
(Accretion) amortization of net actuarial (gain) loss (2)			(143)						(106)						(58)
Net actuarial gain			251						715						127
Net change in benefit plan accrued expense			108						609						69
Other comprehensive income (loss) before taxes			12,774						(12,763)						8,793
Tax effect			(3,722)						3,922						(2,500)
Total other comprehensive income (loss)			$	9,052					$	(8,841)					$	6,293

________________________________________

(1)Represents amounts reclassified out of accumulated other comprehensive loss and included in loss on sale of securities on the Consolidated Statements of Income (Loss).

(2)Represents amounts reclassified out of accumulated other comprehensive (loss) income and included in the computation of net periodic pension expense. See Note 12 – Benefit Plans for additional information.

F-68

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Table of Contents

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 19 – Revenue Recognition

All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within noninterest income. The following table presents the Company’s sources of noninterest income for the years ended June 30, 2026, 2025 and 2024. Sources of revenue outside the scope of ASC 606 are noted as such.

			Years Ended June 30,
			2026						2025						2024
			(In Thousands)
Non-interest income:
Deposit-related fees and charges			$	2,798					$	1,866					$	1,772
Loan-related fees and charges(1)			1,376						624						837
Loss on sale and call of securities(1)			—						—						(18,135)
Gain (loss) on sale of loans(1)			932						806						(282)
Loss on sale of other real estate owned			—						—						(974)
Income from bank owned life insurance(1)			10,751						10,672						9,076
Electronic banking fees and charges (interchange income)			1,738						1,717						2,357
Miscellaneous(1)			5,230						3,367						3,356
Total non-interest income			$	22,825					$	19,052					$	(1,993)

________________________________________

(1)Not within the scope of ASC 606.

A description of the Company’s revenue streams accounted for under ASC 606 is as follows:

Service Charges on Deposit Accounts

The Company earns fees from deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed at the point in the time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance.

Gains/Losses on Sales of OREO

The Company records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. Gains/Losses on the sales of OREO falls within the scope of ASC 606, if the Company finances the transaction. Under ASC 606, if the Company finances the sale of OREO to the buyer, the Company is required to assess whether the buyer is committed to perform their obligations under the contract and whether the collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction price and related (loss) gain on sale if a significant financing component is present.

Interchange Income

The Company earns interchange fees from debit and credit card holder transactions conducted through various payment networks. Interchange fees from cardholder transactions are recognized daily, concurrently with the transaction processing services provided by an outsourced technology solution.

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Table of Contents

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 20 – Parent Only Financial Information

Kearny Financial Corp. operates its wholly owned subsidiary Kearny Bank and the Bank’s wholly-owned subsidiaries CJB Investment Company, 189-245 Berdan Avenue LLC and Kearny Wealth Management LLC. The consolidated earnings of the subsidiaries are recognized by the Company using the equity method of accounting. Accordingly, the consolidated earnings of the subsidiaries are recorded as increases in the Company’s investment in the subsidiaries. The following are the condensed financial statements for Kearny Financial Corp. (Parent Company only) as of June 30, 2026 and 2025, and for each of the years in the three-year period ended June 30, 2026.

Condensed Statements of Financial Condition

			June 30,
			2026						2025
			(In Thousands)
Assets
Cash and amounts due from depository institutions			$	24,476					$	20,773
Loans receivable			20,571						22,573
Investment in subsidiary			721,324						702,607
Other assets			1,394						670
Total Assets			$	767,765					$	746,623
Liabilities and Stockholders' Equity
Other liabilities			$	1,095					$	661
Stockholders' equity			766,670						745,962
Total Liabilities and Stockholders' Equity			$	767,765					$	746,623

Condensed Statements of Income (Loss) and Comprehensive Income (Loss)

			Years Ended June 30,
			2026						2025						2024
			(In Thousands)
Dividends from subsidiary			$	30,970					$	16,758					$	19,332
Interest income			1,485						1,666						2,201
Equity in undistributed earnings of subsidiaries			5,886						9,846						(105,948)
Total income			38,341						28,270						(84,415)
Directors' compensation			530						584						618
Other expenses			1,693						1,714						1,647
Total expense			2,223						2,298						2,265
Income (loss) before income taxes			36,118						25,972						(86,680)
Income tax benefit			(146)						(103)						(13)
Net income (loss)			$	36,264					$	26,075					$	(86,667)
Comprehensive income (loss)			$	45,316					$	17,234					$	(80,374)

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Table of Contents

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 20 – Parent Only Financial Information (continued)

Condensed Statements of Cash Flows

			Years Ended June 30,
			2026						2025						2024
			(In Thousands)
Cash Flows from Operating Activities:
Net income (loss)			$	36,264					$	26,075					$	(86,667)
Adjustment to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries			(5,886)						(9,846)						105,948
(Increase) decrease in other assets			(724)						184						(27)
Increase (decrease) in other liabilities			306						(402)						142
Net Cash Provided by Operating Activities			29,960						16,011						19,396
Cash Flows from Investing Activities:
Repayment of loan to ESOP			2,002						1,937						1,874
Net Cash Provided by Investing Activities			2,002						1,937						1,874
Cash Flows from Financing Activities:
Cash dividends paid			(27,835)						(27,634)						(27,564)
Repurchase and cancellation of common stock of Kearny Financial Corp.			—						—						(11,240)
Cancellation of shares repurchased on vesting to pay taxes			(424)						(362)						(484)
Net Cash Used In Financing Activities			(28,259)						(27,996)						(39,288)
Net Increase (Decrease) in Cash and Cash Equivalents			3,703						(10,048)						(18,018)
Cash and Cash Equivalents - Beginning			20,773						30,821						48,839
Cash and Cash Equivalents - Ending			$	24,476					$	20,773					$	30,821

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Table of Contents

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 21 – Net Income (Loss) per Common Share (“EPS”)

Basic EPS is based on the weighted average number of common shares actually outstanding, including both vested and unvested restricted stock awards, adjusted for ESOP shares not yet committed to be released. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as outstanding stock options or unvested restricted stock units (“RSU”), were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Diluted EPS is calculated by adjusting the weighted average number of shares of common stock outstanding to include the effect of contracts or securities exercisable or which could be converted into common stock, if dilutive, using the treasury stock method. Shares issued and reacquired during any period are weighted for the portion of the period they were outstanding.

The following schedule shows the Company’s earnings per share calculations for the periods presented:

			For the Year Ended June 30,
			2026						2025						2024
			(In Thousands, Except Per Share Data)
Net income (loss)			$	36,264					$	26,075					$	(86,667)
Weighted average number of common shares outstanding - basic			62,866						62,508						62,444
Effect of dilutive securities			354						208						—
Weighted average number of common shares outstanding- diluted			63,220						62,716						62,444
Basic earnings per share			$	0.58					$	0.42					$	(1.39)
Diluted earnings per share			$	0.57					$	0.42					$	(1.39)

Stock options for 2,405,000, 2,745,000 and 2,751,902 shares of common stock were not considered in computing diluted earnings per share at June 30, 2026, 2025 and 2024, respectively, because they were considered anti-dilutive. In addition, 455,630, 450,203 and 689,252 RSUs were not considered in computing diluted earnings per share at June 30, 2026, 2025 and 2024, respectively, because they were considered anti-dilutive.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

			KEARNY FINANCIAL CORP.
Dated: August 21, 2026						/s/ Craig L. Montanaro
			By:			Craig L. Montanaro President and Chief Executive Officer

Pursuant to the requirement of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on August 21, 2026 on behalf of the Registrant and in the capacities indicated.

/s/ Craig L. Montanaro						/s/ Sean Byrnes
Craig L. Montanaro President, Chief Executive Officer and Director (Principal Executive Officer)						Sean Byrnes Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer)
/s/ Theodore J. Aanensen						/s/ Raymond E. Chandonnet
Theodore J. Aanensen Director						Raymond E. Chandonnet Director
/s/ Curtland E. Fields						/s/ Catherine A. Lawton
Curtland E. Fields Director						Catherine A. Lawton Director
/s/ John J. Mazur, Jr.						/s/ Joseph P. Mazza
John J. Mazur, Jr. Director						Joseph P. Mazza Director
/s/ John F. McGovern						/s/ Leopold W. Montanaro
John F. McGovern Director						Leopold W. Montanaro Director
/s/ Christopher Petermann						/s/ Charles J. Pivirotto
Christopher Petermann Director						Charles J. Pivirotto Director
/s/ Melvina Wong-Zaza
Melvina Wong-Zaza Director

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